Incyte (NASDAQ:INCY) Shares Gap Down to $60.87

Incyte Co. (NASDAQ:INCY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $60.87, but opened at $59.20. Incyte shares last traded at $59.37, with a volume of 146,958 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on INCY shares. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. TD Cowen decreased their price target on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a research report on Monday, March 25th. Bank of America decreased their price target on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Finally, Oppenheimer decreased their price target on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.44.

Incyte Stock Down 2.9 %

The company has a market capitalization of $13.27 billion, a PE ratio of 18.18, a PEG ratio of 1.31 and a beta of 0.73. The company’s 50 day moving average is $57.40 and its two-hundred day moving average is $58.71. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.31). The company had revenue of $880.89 million for the quarter, compared to analysts’ expectations of $935.85 million. Incyte had a net margin of 19.78% and a return on equity of 12.83%. On average, analysts anticipate that Incyte Co. will post 3.57 earnings per share for the current year.

Insider Activity at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,149,840.00. Following the completion of the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

A number of large investors have recently made changes to their positions in INCY. Mariner LLC boosted its stake in shares of Incyte by 12.4% during the 3rd quarter. Mariner LLC now owns 8,202 shares of the biopharmaceutical company’s stock worth $474,000 after purchasing an additional 903 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Incyte by 44.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 11,634 shares of the biopharmaceutical company’s stock worth $672,000 after purchasing an additional 3,605 shares during the period. Bank of Nova Scotia boosted its stake in shares of Incyte by 14.8% during the 3rd quarter. Bank of Nova Scotia now owns 24,541 shares of the biopharmaceutical company’s stock worth $1,418,000 after purchasing an additional 3,172 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Incyte by 746.0% during the 3rd quarter. Lazard Asset Management LLC now owns 99,298 shares of the biopharmaceutical company’s stock worth $5,736,000 after purchasing an additional 87,560 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Incyte by 2.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 23,688 shares of the biopharmaceutical company’s stock worth $1,368,000 after purchasing an additional 658 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.