Incyte (NASDAQ:INCY) Stock Price Down 6.3% – Here’s What Happened

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on INCY shares. UBS Group lowered their price target on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, March 25th. Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and reduced their price objective for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, HC Wainwright boosted their price target on shares of Incyte from $135.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $105.10.

Incyte Trading Down 6.1%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a market cap of $20.36 billion, a P/E ratio of 14.39, a P/E/G ratio of 1.06 and a beta of 0.79. The stock has a 50-day moving average price of $97.78 and a 200-day moving average price of $99.13.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. Incyte’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.16 earnings per share. On average, equities research analysts expect that Incyte Corporation will post 6.64 EPS for the current year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INCY. Norges Bank purchased a new stake in Incyte during the fourth quarter valued at about $122,893,000. Caisse de depot et placement du Quebec boosted its holdings in shares of Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Marshall Wace LLP increased its position in shares of Incyte by 6,586.4% during the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after purchasing an additional 718,294 shares during the last quarter. Finally, SEB Asset Management AB bought a new position in shares of Incyte during the 1st quarter valued at about $60,817,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

About Incyte

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.