Incyte (NASDAQ:INCY) Trading Down 6.3% – What’s Next?

Incyte Corporation (NASDAQ:INCY)’s share price dropped 6.3% during trading on Monday . The stock traded as low as $101.99 and last traded at $101.6750. Approximately 1,151,132 shares were traded during trading, a decline of 33% from the average daily volume of 1,719,934 shares. The stock had previously closed at $108.53.

Analyst Upgrades and Downgrades

INCY has been the subject of several recent research reports. Oppenheimer restated a “market perform” rating and set a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target for the company. HC Wainwright increased their price objective on Incyte from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Citigroup reissued a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Finally, Stifel Nicolaus set a $123.00 price objective on Incyte in a report on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $105.10.

Incyte Stock Down 0.8%

The stock’s 50-day moving average is $98.06 and its 200-day moving average is $99.02. The stock has a market cap of $19.78 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 0.97 and a beta of 0.79. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. Incyte’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 EPS. As a group, research analysts anticipate that Incyte Corporation will post 6.64 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Invesco Ltd. grew its stake in shares of Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after purchasing an additional 405,611 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley grew its stake in shares of Incyte by 0.9% in the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after acquiring an additional 161,405 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.