Incyte (NASDAQ:INCY) Releases Quarterly Earnings Results, Misses Expectations By $2.60 EPS

Incyte (NASDAQ:INCY) announced its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60), Briefing.com reports. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 12.83% and a net margin of 19.78%. Incyte’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS.

Incyte Stock Performance

NASDAQ:INCY traded down $2.72 during trading hours on Wednesday, reaching $65.07. 2,837,837 shares of the company’s stock were exchanged, compared to its average volume of 2,566,402. The firm has a market capitalization of $14.61 billion, a price-to-earnings ratio of 19.72, a P/E/G ratio of 1.58 and a beta of 0.73. The company has a 50-day moving average of $61.60 and a 200 day moving average of $58.76. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent analyst reports. TD Cowen cut their price target on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Oppenheimer lowered their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Incyte in a research note on Thursday, May 23rd. They issued a “hold” rating and a $55.00 price target on the stock. Finally, StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $72.94.

Insider Buying and Selling

In related 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 approximately $3,982,620. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 19,164 shares of Incyte 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 sale, the executive vice president now owns 66,377 shares in the company, valued at approximately $3,982,620. The disclosure for this sale can be found here. Insiders sold a total of 45,282 shares of company stock worth $2,876,911 in the last 90 days. Company insiders own 17.50% 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.