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

Incyte Co. (NASDAQ:INCY)’s share price gapped down before the market opened 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 changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Citigroup dropped their price target on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, JMP Securities reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $75.13.

Incyte Stock Down 3.2 %

The company’s 50 day moving average price is $71.29 and its two-hundred day moving average price is $70.27. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The stock has a market cap of $11.61 billion, a P/E ratio of 222.23, a P/E/G ratio of 0.41 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, research analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,827 shares of company stock valued at $3,322,618. Corporate insiders own 17.60% of the company’s stock.

Institutional Trading of Incyte

A number of hedge funds have recently bought and sold shares of INCY. CWA Asset Management Group LLC purchased a new stake in shares of Incyte during the 4th quarter valued at $1,933,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Incyte during the 3rd quarter valued at $770,000. Tri Ri Asset Management Corp purchased a new stake in shares of Incyte during the 3rd quarter valued at $3,292,000. Cypress Capital Group purchased a new stake in shares of Incyte during the 3rd quarter valued at $971,000. Finally, Bridgewater Associates LP lifted its holdings in shares of Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after purchasing an additional 181,504 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.