Incyte (NASDAQ:INCY) Announces Earnings Results

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

Incyte Stock Performance

Shares of INCY stock traded up $1.64 on Friday, hitting $75.76. The company’s stock had a trading volume of 1,010,965 shares, compared to its average volume of 2,328,807. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $76.33. The company has a market capitalization of $14.60 billion, a PE ratio of 533.11, a PEG ratio of 6.57 and a beta of 0.73. The stock’s 50 day moving average is $65.80 and its 200-day moving average is $61.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.87.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and upped their target price for the stock from $68.00 to $90.00 in a report on Tuesday. BMO Capital Markets restated an “underperform” rating and issued a $52.00 price target (up from $48.00) on shares of Incyte in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on Incyte from $65.00 to $71.00 and gave the stock a “neutral” 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 company a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and a consensus price target of $76.74.

Incyte Company Profile

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.