Incyte (NASDAQ:INCY) Shares Gap Down - Time to Sell?

Incyte Co. (NASDAQ:INCY - Get Free Report) gapped down before the market opened 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 traded.

Analyst Ratings Changes

A number of brokerages recently issued reports on INCY. UBS Group started coverage on Incyte in a report on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 price target for the company. William Blair cut shares of Incyte from an "outperform" rating to a "market perform" rating in a report on Tuesday. Truist Financial cut their price target on shares of Incyte from $74.00 to $72.00 and set a "hold" rating on the stock in a research note on Tuesday. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a research note on Friday, January 10th. Finally, Stifel Nicolaus lifted their target price on Incyte from $75.00 to $77.00 and gave the stock a "hold" rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $75.13.

Incyte Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company has a 50-day simple moving average of $70.78 and a 200-day simple moving average of $70.13. The company has a market cap of $11.98 billion, a price-to-earnings ratio of 229.34, a PEG ratio of 0.41 and a beta of 0.76.

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Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, research analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. The trade was a 37.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the transaction, the executive vice president now owns 25,848 shares of the company's stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,827 shares of company stock valued at $3,322,618. Corporate insiders own 17.60% of the company's stock.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its stake in shares of Incyte by 0.8% during the fourth quarter. California State Teachers Retirement System now owns 241,033 shares of the biopharmaceutical company's stock valued at $16,648,000 after acquiring an additional 1,833 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Incyte by 315.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,884 shares of the biopharmaceutical company's stock worth $3,307,000 after purchasing an additional 36,351 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of Incyte by 22.6% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 7,982 shares of the biopharmaceutical company's stock worth $551,000 after buying an additional 1,470 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Incyte during the fourth quarter worth about $3,919,000. Finally, Siemens Fonds Invest GmbH acquired a new position in shares of Incyte in the fourth quarter valued at approximately $401,000. Hedge funds and other 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.