Incyte (NASDAQ:INCY) Trading Down 8.5% Following Weak Earnings

Incyte Co. (NASDAQ:INCY - Get Free Report)'s stock price dropped 8.5% during trading on Monday following a weaker than expected earnings announcement. The company traded as low as $68.18 and last traded at $67.85. 470,521 shares changed hands during trading, a decline of 66% from the average daily volume of 1,386,096 shares. The stock had previously closed at $74.13.

The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. BMO Capital Markets reiterated an "underperform" rating and issued a $52.00 price objective (up previously from $48.00) on shares of Incyte in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $65.00 to $71.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Citigroup reduced their price target on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday. StockNews.com cut Incyte from a "strong-buy" rating to a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company upped their target price on Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $75.59.

Insider Activity at Incyte

In other Incyte news, insider Thomas Tray sold 650 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the transaction, the insider now directly owns 23,962 shares in the company, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Steven H. Stein sold 12,352 shares of the business's stock in a transaction dated Tuesday, January 21st. The stock was 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 in the company, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,695 shares of company stock valued at $1,444,356. 17.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Orion Portfolio Solutions LLC acquired a new position in Incyte in the 3rd quarter valued at approximately $770,000. CWA Asset Management Group LLC bought a new stake in shares of Incyte in the fourth quarter worth $1,933,000. Greenwood Capital Associates LLC acquired a new stake in Incyte in the third quarter valued at $433,000. Tri Ri Asset Management Corp acquired a new stake in Incyte in the third quarter valued at $3,292,000. Finally, Cypress Capital Group bought a new position in Incyte during the 3rd quarter worth $971,000. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

The company has a fifty day simple moving average of $71.47 and a 200 day simple moving average of $69.16. The stock has a market capitalization of $13.47 billion, a price-to-earnings ratio of 502.48, a P/E/G ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

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.