Incyte (NASDAQ:INCY) Releases Quarterly Earnings Results, Misses Estimates By $0.48 EPS

Incyte (NASDAQ:INCY) announced its quarterly earnings data on Monday. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48), Zacks reports. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%.

Incyte Trading Down 2.9 %

Shares of Incyte stock opened at $66.33 on Wednesday. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95. The company’s fifty day simple moving average is $71.69 and its 200-day simple moving average is $69.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The stock has a market capitalization of $12.78 billion, a PE ratio of 473.82, a P/E/G ratio of 0.53 and a beta of 0.70.

Analysts Set New Price Targets

Several brokerages have recently issued reports on INCY. Morgan Stanley upped their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price target on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada dropped their price objective on Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $75.59.

Insider Transactions at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,695 shares of company stock worth $1,444,356 in the last three months. Corporate insiders own 17.60% of the company’s stock.

About Incyte

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.