Incyte (NASDAQ:INCY) Shares Gap Down – Here’s What Happened

Incyte Co. (NASDAQ:INCY)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $67.86, but opened at $60.00. Incyte shares last traded at $60.55, with a volume of 951,219 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on INCY shares. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Royal Bank of Canada cut their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. Wells Fargo & Company raised their price objective on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. Finally, William Blair restated an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $75.25.

Incyte Price Performance

The business’s 50 day moving average is $71.75 and its 200-day moving average is $70.34. The firm has a market capitalization of $11.85 billion, a P/E ratio of 226.05, a PEG ratio of 0.41 and a beta of 0.76. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, sell-side analysts predict that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,020 shares of company stock valued at $1,981,882. 17.60% of the stock is currently owned by insiders.

Institutional Trading of Incyte

Several institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in Incyte in the third quarter valued at $156,611,000. Norges Bank bought a new stake in shares of Incyte during the fourth quarter worth about $121,890,000. AQR Capital Management LLC increased its position in shares of Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after acquiring an additional 801,090 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Incyte by 861.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock worth $61,587,000 after acquiring an additional 798,877 shares in the last quarter. Finally, Sound Shore Management Inc. CT increased its position in shares of Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after acquiring an additional 595,741 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

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.