Incyte (NASDAQ:INCY) Trading Down 8.5% After Earnings Miss

Incyte Co. (NASDAQ:INCY)’s share price dropped 8.5% during mid-day 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 traded 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%.

Analyst Ratings Changes

Several research firms have issued reports on INCY. StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. Citigroup raised their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. 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 research note on Wednesday, October 30th. Wells Fargo & Company upped their price target on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $75.71.

Insider Activity

In other news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the sale, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction on 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 owns 66,967 shares in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,695 shares of company stock worth $1,444,356. Corporate insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently bought and sold shares of INCY. Orion Portfolio Solutions LLC purchased a new position in Incyte during the 3rd quarter valued at about $770,000. CWA Asset Management Group LLC purchased a new position in Incyte in the 4th quarter worth $1,933,000. Greenwood Capital Associates LLC bought a new stake in Incyte in the third quarter valued at approximately $433,000. Tri Ri Asset Management Corp bought a new position in shares of Incyte during the third quarter valued at about $3,292,000. Finally, Cypress Capital Group bought a new stake in Incyte in the third quarter valued at $971,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $71.79 and a two-hundred day simple moving average of $69.18. The stock has a market cap of $13.16 billion, a PE ratio of 487.89, a P/E/G ratio of 0.53 and a beta of 0.70.

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.