Incyte (NASDAQ:INCY) Posts Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Incyte (NASDAQ:INCY) released its earnings results on Tuesday. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16), FiscalAI reports. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion.

Incyte Stock Up 0.6%

Shares of Incyte stock opened at $109.03 on Tuesday. The company has a market capitalization of $21.40 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 0.65 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The business has a 50-day moving average of $101.83 and a two-hundred day moving average of $93.57. Incyte has a 1 year low of $53.56 and a 1 year high of $112.29.

Analysts Set New Price Targets

A number of brokerages recently commented on INCY. Zacks Research lowered Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Royal Bank Of Canada lifted their price target on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 29th. Morgan Stanley raised their price objective on shares of Incyte from $92.00 to $94.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. HC Wainwright started coverage on shares of Incyte in a research report on Thursday, February 5th. They set a “buy” rating and a $135.00 target price for the company. Finally, Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and an average target price of $103.29.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 20,105 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the completion of the sale, the executive vice president directly owned 63,129 shares of the company’s stock, valued at approximately $6,471,353.79. This represents a 24.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 95,225 shares of company stock valued at $9,519,745 over the last 90 days. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC grew its stake in shares of Incyte by 147.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,077 shares of the biopharmaceutical company’s stock worth $822,000 after acquiring an additional 7,206 shares in the last quarter. Voleon Capital Management LP acquired a new position in Incyte during the third quarter worth $226,000. Fred Alger Management LLC bought a new position in Incyte in the third quarter valued at $282,000. CreativeOne Wealth LLC acquired a new stake in Incyte in the 3rd quarter valued at $299,000. Finally, Vident Advisory LLC bought a new stake in Incyte during the 2nd quarter worth about $229,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.