Incyte (NASDAQ:INCY) Trading Down 8.5% Following Weak Earnings

Incyte Co. (NASDAQ:INCY)’s share price dropped 8.5% during trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $68.18 and last traded at $67.85. Approximately 470,521 shares changed hands during trading, a decline of 66% from the average daily volume of 1,386,096 shares. The stock had previously closed at $74.13.

The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent analyst reports. William Blair restated an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. The Goldman Sachs Group raised their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. UBS Group initiated coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective on the stock. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, Oppenheimer raised their target price on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.71.

Insiders Place Their Bets

In related news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock valued at $1,444,356 in the last three months. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the company. Quintet Private Bank Europe S.A. purchased a new position in shares of Incyte during the 4th quarter worth about $26,000. Global X Japan Co. Ltd. lifted its holdings in Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 230 shares in the last quarter. R Squared Ltd bought a new stake in Incyte during the 4th quarter valued at about $30,000. Brooklyn Investment Group bought a new stake in Incyte during the 3rd quarter valued at about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Incyte during the 3rd quarter valued at about $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Down 6.6 %

The business’s fifty day moving average is $71.79 and its two-hundred day moving average is $69.18. The company has a market cap of $13.34 billion, a P/E ratio of 491.29, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

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.