Incyte (NASDAQ:INCY) Shares Gap Down – What’s Next?

Incyte Co. (NASDAQ:INCY) shares gapped down prior to trading on Thursday . The stock had previously closed at $74.62, but opened at $73.02. Incyte shares last traded at $74.34, with a volume of 65,305 shares trading hands.

Analyst Ratings Changes

Several brokerages recently commented on INCY. Oppenheimer lifted their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their target price on Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and upped their price objective for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. Finally, Truist Financial reissued a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average target price of $77.16.

Incyte Stock Performance

The company has a 50-day moving average of $71.34 and a 200-day moving average of $65.51. The firm has a market capitalization of $14.37 billion, a P/E ratio of 533.04, a price-to-earnings-growth ratio of 8.30 and a beta of 0.69. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

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

Insider Activity at Incyte

In other news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,745 shares of company stock worth $1,311,687 over the last quarter. Company insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently bought and sold shares of INCY. MFA Wealth Advisors LLC purchased a new stake in Incyte in the 2nd quarter valued at $26,000. Brooklyn Investment Group purchased a new position in Incyte during the third quarter worth about $30,000. Innealta Capital LLC bought a new stake in Incyte in the 2nd quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Incyte in the 3rd quarter valued at about $33,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Incyte during the 2nd quarter worth approximately $36,000. Institutional investors own 96.97% of the company’s stock.

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.