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

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 changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on INCY shares. Guggenheim downgraded Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price on the stock. in a research report on Tuesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Citigroup cut their target price on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Finally, Stifel Nicolaus upped their target price on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $75.13.

Incyte Price Performance

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 stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of 222.23, a PEG ratio of 0.41 and a beta of 0.76. The stock has a 50-day moving average price of $71.29 and a 200 day moving average price of $70.27.

Incyte (NASDAQ:INCY) last posted its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates 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, equities research analysts expect that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Activity

In related news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,827 shares of company stock worth $3,322,618 in the last ninety days. Company insiders own 17.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Incyte by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after purchasing an additional 103,910 shares in the last quarter. AQR Capital Management LLC lifted its stake in Incyte by 29.7% in the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after purchasing an additional 801,090 shares in the last quarter. LSV Asset Management lifted its stake in Incyte by 18.6% in the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after purchasing an additional 544,080 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Incyte in the 3rd quarter worth approximately $156,611,000. Finally, Bellevue Group AG lifted its stake in Incyte by 0.3% in the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company’s stock worth $149,017,000 after purchasing an additional 6,927 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.