Incyte (NASDAQ:INCY) Shares Gap Down - Here's What Happened

Incyte Co. (NASDAQ:INCY - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $76.97, but opened at $67.11. Incyte shares last traded at $66.58, with a volume of 1,046,849 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have commented on the company. BMO Capital Markets reissued an "underperform" rating and issued a $52.00 price objective (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Wolfe Research initiated coverage on Incyte in a research note on Tuesday, October 1st. They set an "outperform" rating and a $84.00 price objective for the company. Guggenheim lifted their price objective on Incyte from $86.00 to $92.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada boosted their price objective on shares of Incyte from $72.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $77.16.

Incyte Price Performance

The stock has a market cap of $13.59 billion, a price-to-earnings ratio of 504.04, a price-to-earnings-growth ratio of 8.75 and a beta of 0.71. The stock has a fifty day simple moving average of $69.43 and a 200-day simple moving average of $64.19. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.19 by ($0.12). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, equities research analysts expect that Incyte Co. will post 0.4 EPS for the current year.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company's stock, valued at approximately $2,269,280.40. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,702 shares of company stock worth $856,166. Corporate insiders own 17.60% of the company's stock.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently made changes to their positions in INCY. MFA Wealth Advisors LLC bought a new stake in shares of Incyte in the second quarter worth about $26,000. Brooklyn Investment Group acquired a new position in shares of Incyte in the 3rd quarter valued at approximately $30,000. Innealta Capital LLC bought a new stake in Incyte during the 2nd quarter worth approximately $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Incyte during the 3rd quarter worth approximately $33,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Incyte in the 2nd quarter worth $36,000. Institutional investors and hedge funds own 96.97% 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.