Incyte (NASDAQ:INCY) Shares Gap Down to $52.56

Incyte Co. (NASDAQ:INCY) gapped down prior to trading on Tuesday . The stock had previously closed at $52.56, but opened at $50.40. Incyte shares last traded at $52.10, with a volume of 1,067,639 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Oppenheimer decreased their target price on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Stifel Nicolaus lifted their target price on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research note on Wednesday, February 14th. Bank of America decreased their target price on shares of Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Truist Financial decreased their target price on shares of Incyte from $91.00 to $84.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Finally, BMO Capital Markets lifted their price target on shares of Incyte from $58.00 to $64.00 and gave the company a “market perform” rating in a report on Wednesday, February 14th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.50.

Incyte Stock Down 2.6 %

The company’s 50-day moving average is $56.67 and its 200 day moving average is $57.68. The company has a market capitalization of $11.49 billion, a PE ratio of 19.54, a P/E/G ratio of 1.20 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the company posted $0.44 earnings per share. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts anticipate that Incyte Co. will post 3.84 EPS for the current year.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Incyte by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after acquiring an additional 359,962 shares during the period. Invesco Ltd. lifted its stake in Incyte by 3.2% during the 3rd quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock valued at $226,577,000 after acquiring an additional 120,838 shares during the period. LSV Asset Management lifted its stake in Incyte by 119.6% during the 4th quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock valued at $169,020,000 after acquiring an additional 1,465,792 shares during the period. Acadian Asset Management LLC lifted its stake in Incyte by 56.6% during the 3rd quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock valued at $155,053,000 after acquiring an additional 970,668 shares during the period. Finally, Northern Trust Corp lifted its stake in Incyte by 5.9% during the 3rd quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock valued at $122,917,000 after acquiring an additional 119,389 shares during the period. Institutional investors own 96.97% 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.