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

Incyte Co. (NASDAQ:INCY) dropped 8.5% during mid-day trading on Monday following a dissappointing earnings announcement. The stock traded as low as $68.18 and last traded at $67.85. Approximately 470,521 shares were traded during mid-day 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

A number of research firms recently issued reports on INCY. StockNews.com raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of Incyte in a research note on Thursday, January 23rd. JPMorgan Chase & Co. increased their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and increased their price target for the stock from $68.00 to $90.00 in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and an average target price of $75.71.

Insider Activity

In related news, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, 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 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 Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at $2,311,000.04. This represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,695 shares of company stock worth $1,444,356 over the last 90 days. 17.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Incyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Skandinaviska Enskilda Banken AB publ boosted its holdings in Incyte by 2.7% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 44,922 shares of the biopharmaceutical company’s stock worth $3,072,000 after purchasing an additional 1,192 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Incyte by 21.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 704,085 shares of the biopharmaceutical company’s stock worth $48,631,000 after purchasing an additional 121,978 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in Incyte by 5.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,880 shares of the biopharmaceutical company’s stock worth $544,000 after purchasing an additional 380 shares during the last quarter. Essential Planning LLC. bought a new position in Incyte in the fourth quarter worth approximately $703,000. Finally, EverSource Wealth Advisors LLC raised its position in Incyte by 161.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,275 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 787 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 6.6 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The firm has a market capitalization of $13.34 billion, a P/E ratio of 491.29, a P/E/G ratio of 0.53 and a beta of 0.70. The company’s 50-day simple moving average is $71.79 and its two-hundred day simple moving average is $69.18.

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.