Incyte (NASDAQ:INCY) Shares Gap Down to $60.87

Shares of Incyte Co. (NASDAQ:INCY) gapped down before the market opened on Tuesday . The stock had previously closed at $60.87, but opened at $59.20. Incyte shares last traded at $59.37, with a volume of 146,958 shares trading hands.

Analyst Ratings Changes

A number of analysts have commented on INCY shares. BMO Capital Markets restated an “underperform” rating and set a $48.00 price target (down previously from $52.00) on shares of Incyte in a research note on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. Bank of America decreased their price target on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Truist Financial reiterated a “buy” rating and issued a $83.00 target price (down previously from $84.00) on shares of Incyte in a research note on Wednesday, May 1st. Finally, TD Cowen reduced their target price on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus target price of $73.44.

Incyte Stock Down 2.3 %

The stock’s fifty day moving average is $57.73 and its two-hundred day moving average is $58.66. The company has a current ratio of 3.47, a quick ratio of 3.43 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $12.95 billion, a PE ratio of 17.47, a P/E/G ratio of 1.27 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.31). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The business had revenue of $880.89 million for the quarter, compared to analysts’ expectations of $935.85 million. As a group, analysts predict that Incyte Co. will post 3.57 EPS for the current year.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 1,093 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders own 17.50% of the company’s stock.

Institutional Trading of Incyte

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Incyte by 0.9% during the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after purchasing an additional 196,440 shares during the period. LSV Asset Management lifted its stake in Incyte by 2.3% in the first quarter. LSV Asset Management now owns 2,754,777 shares of the biopharmaceutical company’s stock worth $156,940,000 after acquiring an additional 62,950 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Incyte by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock worth $143,259,000 after acquiring an additional 177,852 shares during the period. Norges Bank purchased a new stake in Incyte in the fourth quarter worth $123,253,000. Finally, Los Angeles Capital Management LLC lifted its stake in Incyte by 37.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,570,296 shares of the biopharmaceutical company’s stock worth $98,599,000 after acquiring an additional 424,934 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

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.