Incyte (NASDAQ:INCY) Shares Gap Down – Here’s Why

Shares of Incyte Co. (NASDAQ:INCY) gapped down before the market opened on Tuesday . The stock had previously closed at $76.97, but opened at $67.11. Incyte shares last traded at $66.58, with a volume of 1,046,849 shares.

Analysts Set New Price Targets

INCY has been the topic of several research reports. The Goldman Sachs Group upped their target price on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup raised their target price on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price target on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $77.16.

Incyte Price Performance

The stock has a market cap of $12.73 billion, a PE ratio of 477.75, a price-to-earnings-growth ratio of 8.75 and a beta of 0.71. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The company’s fifty day moving average is $69.28 and its 200 day moving average is $64.07.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The business’s revenue was up 23.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock valued at $856,166 over the last quarter. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. MFA Wealth Advisors LLC bought a new position in shares of Incyte during the second quarter worth about $26,000. Brooklyn Investment Group bought a new position in Incyte during the 3rd quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte in the 3rd quarter valued at approximately $33,000. Innealta Capital LLC acquired a new stake in shares of Incyte during the 2nd quarter valued at approximately $32,000. Finally, Cromwell Holdings LLC lifted its stake in Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.