Incyte Co. (NASDAQ:INCY) was down 5.5% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $69.17 and last traded at $69.31. Approximately 21,780 shares changed hands during trading, a decline of 99% from the average daily volume of 1,866,927 shares. The stock had previously closed at $73.35.The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.76). The firm had revenue of $862.50 million during the quarter, compared to the consensus estimate of $813.38 million. Incyte had a return on equity of 22.27% and a net margin of 18.35%. The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.73 EPS.
A number of analysts have recently issued reports on INCY shares. Royal Bank of Canada raised shares of Incyte from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $78.00 to $90.00 in a research note on Tuesday, January 18th. BMO Capital Markets started coverage on shares of Incyte in a research note on Thursday, November 18th. They issued a “market perform” rating and a $75.00 price objective for the company. Guggenheim reduced their price objective on shares of Incyte from $118.00 to $104.00 in a research note on Monday, January 3rd. Morgan Stanley reduced their price objective on shares of Incyte from $77.00 to $76.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 2nd. Finally, Oppenheimer reduced their price objective on shares of Incyte from $110.00 to $109.00 and set an “outperform” rating for the company in a research note on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Incyte presently has a consensus rating of “Buy” and a consensus target price of $89.20.
In other Incyte news, EVP Jonathan Elliott Dickinson sold 7,375 shares of the stock in a transaction that occurred on Monday, January 31st. The shares were sold at an average price of $74.19, for a total value of $547,151.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Wendy L. Dixon sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 23rd. The stock was sold at an average price of $22.05, for a total transaction of $441,000.00. The disclosure for this sale can be found here. Insiders have sold 38,245 shares of company stock valued at $1,785,031 in the last ninety days. Insiders own 15.80% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Incyte by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 20,470,534 shares of the biopharmaceutical company’s stock valued at $1,722,186,000 after purchasing an additional 60,751 shares in the last quarter. BlackRock Inc. grew its stake in shares of Incyte by 2.7% in the third quarter. BlackRock Inc. now owns 17,411,778 shares of the biopharmaceutical company’s stock worth $1,197,584,000 after acquiring an additional 460,500 shares during the last quarter. Dodge & Cox boosted its stake in Incyte by 214.9% during the second quarter. Dodge & Cox now owns 13,597,536 shares of the biopharmaceutical company’s stock worth $1,143,961,000 after buying an additional 9,280,144 shares in the last quarter. State Street Corp lifted its holdings in shares of Incyte by 1.1% during the second quarter. State Street Corp now owns 8,441,379 shares of the biopharmaceutical company’s stock valued at $710,173,000 after acquiring an additional 90,130 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Incyte by 5.5% in the third quarter. Geode Capital Management LLC now owns 3,825,719 shares of the biopharmaceutical company’s stock valued at $262,527,000 after buying an additional 199,662 shares during the last quarter. Institutional investors own 91.06% of the company’s stock.
The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.91 and a current ratio of 3.94. The company has a 50-day moving average price of $72.09 and a 200-day moving average price of $71.15. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 0.63 and a beta of 0.70.
Incyte Company Profile (NASDAQ:INCY)
Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib).
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