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

Shares of Incyte Co. (NASDAQ:INCY) 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 traded.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INCY. UBS Group assumed coverage on shares of Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective for the company. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company increased their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. Royal Bank of Canada lowered their price objective on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 11th. Finally, Stifel Nicolaus raised their price objective on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.25.

Incyte Stock Performance

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

Incyte (NASDAQ:INCY) last announced its quarterly earnings results 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 return on equity of 0.05% and a net margin of 0.77%. As a group, sell-side analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Transactions at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,020 shares of company stock valued at $1,981,882. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Retirement Systems of Alabama lifted its position in Incyte by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock valued at $2,391,000 after acquiring an additional 139 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company’s stock worth $1,410,000 after buying an additional 150 shares during the last quarter. Trust Point Inc. raised its holdings in Incyte by 5.0% in the fourth quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock worth $227,000 after buying an additional 156 shares during the last quarter. Bank of Nova Scotia raised its holdings in Incyte by 0.8% in the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company’s stock worth $1,498,000 after buying an additional 171 shares during the last quarter. Finally, Mather Group LLC. raised its holdings in Incyte by 26.4% in the fourth quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock worth $57,000 after buying an additional 173 shares during the last quarter. 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.