Incyte (NASDAQ:INCY) Issues Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Incyte (NASDAQ:INCY) posted its earnings results on Tuesday. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12), Briefing.com reports. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Incyte’s quarterly revenue was up 23.8% compared to the same quarter last year.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $1.70 during midday trading on Friday, reaching $75.82. 981,214 shares of the company’s stock traded hands, compared to its average volume of 2,329,013. The stock has a 50 day moving average of $65.80 and a 200 day moving average of $61.68. The company has a market cap of $14.61 billion, a price-to-earnings ratio of 533.11, a P/E/G ratio of 6.57 and a beta of 0.73. Incyte has a one year low of $50.35 and a one year high of $76.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.87.

Analyst Ratings Changes

A number of equities research analysts have weighed in on INCY shares. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Thursday. BMO Capital Markets restated an “underperform” rating and set a $52.00 price target (up from $48.00) on shares of Incyte in a research report on Wednesday. Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their target price on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.74.

Insider Buying and Selling at Incyte

In other Incyte news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is owned by corporate insiders.

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.