Incyte (NASDAQ:INCY) Shares Down 3.9%

Incyte Co. (NASDAQ:INCY) fell 3.9% during mid-day trading on Thursday . The stock traded as low as $61.84 and last traded at $61.85. 173,058 shares were traded during trading, a decline of 93% from the average session volume of 2,451,282 shares. The stock had previously closed at $64.33.

Analysts Set New Price Targets

Several brokerages recently issued reports on INCY. JPMorgan Chase & Co. increased their target price on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Citigroup increased their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Bank of America boosted their price target on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Royal Bank of Canada reissued a “sector perform” rating and issued a $67.00 price target on shares of Incyte in a research report on Tuesday. Finally, 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 research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average price target of $73.29.

Incyte Trading Down 2.2 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The company has a market cap of $14.13 billion, a P/E ratio of 18.63, a price-to-earnings-growth ratio of 5.23 and a beta of 0.73. The stock has a 50-day moving average of $63.36 and a two-hundred day moving average of $59.42.

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

Insider Activity

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on 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 owns 36,701 shares in the company, valued at $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,189 shares of company stock valued at $2,812,522. 17.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in shares of Incyte by 48.8% in the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock valued at $8,266,000 after purchasing an additional 43,160 shares in the last quarter. Fulton Bank N.A. purchased a new stake in Incyte during the 1st quarter worth $1,425,000. Great Lakes Advisors LLC acquired a new position in Incyte during the 4th quarter worth $2,033,000. FORVIS Wealth Advisors LLC acquired a new position in shares of Incyte in the 1st quarter valued at about $1,495,000. Finally, ProShare Advisors LLC boosted its stake in Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after purchasing an additional 7,925 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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.