Incyte (NASDAQ:INCY) Stock Price Down 1.9%

Shares of Incyte Co. (NASDAQ:INCY) fell 1.9% during mid-day trading on Wednesday . The company traded as low as $64.39 and last traded at $65.15. 333,036 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 2,419,555 shares. The stock had previously closed at $66.43.

Wall Street Analyst Weigh In

A number of research firms have commented on INCY. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Bank of America boosted their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday. Royal Bank of Canada restated a “sector perform” rating and issued a $67.00 price target on shares of Incyte in a report on Tuesday, September 3rd. Finally, William Blair reissued an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $73.24.

Incyte Trading Down 1.7 %

The business’s 50-day moving average is $64.14 and its two-hundred day moving average is $59.66. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $14.66 billion, a PE ratio of 20.13, a PEG ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm posted $0.77 earnings per share. On average, analysts predict that Incyte Co. will post 0.67 earnings per share for the current year.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INCY. Sanctuary Advisors LLC purchased a new stake in shares of Incyte during the second quarter worth $2,738,000. Teachers Retirement System of The State of Kentucky grew its position in Incyte by 2,486.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock worth $23,923,000 after acquiring an additional 379,390 shares in the last quarter. Delphi Management Inc. MA acquired a new position in shares of Incyte during the 2nd quarter worth $73,000. Advisory Alpha LLC raised its holdings in shares of Incyte by 18.9% during the 2nd quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock valued at $405,000 after purchasing an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp acquired a new stake in shares of Incyte in the 2nd quarter valued at $1,122,000. Institutional investors and hedge funds 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.