Incyte (NASDAQ:INCY) Posts Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Incyte (NASDAQ:INCY) announced its quarterly earnings data on Tuesday. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16), FiscalAI reports. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion.

Incyte Trading Up 0.6%

Shares of INCY stock opened at $109.03 on Tuesday. The company has a market capitalization of $21.40 billion, a P/E ratio of 18.26, a P/E/G ratio of 0.65 and a beta of 0.82. Incyte has a 12-month low of $53.56 and a 12-month high of $112.29. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $101.83 and a 200 day moving average price of $93.57.

Analysts Set New Price Targets

Several research firms have commented on INCY. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $107.00 price target (down previously from $116.00) on shares of Incyte in a report on Tuesday, January 20th. Truist Financial set a $103.00 price objective on Incyte in a research report on Wednesday, December 24th. HC Wainwright began coverage on Incyte in a research note on Thursday, February 5th. They issued a “buy” rating and a $135.00 target price for the company. Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Monday, November 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a research note on Thursday, January 22nd. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus price target of $103.29.

Insider Activity

In other news, EVP Steven H. Stein sold 20,105 shares of Incyte stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the transaction, the executive vice president owned 63,129 shares in the company, valued at approximately $6,471,353.79. The trade was a 24.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the sale, the executive vice president owned 27,507 shares in the company, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 95,225 shares of company stock worth $9,519,745. Corporate insiders own 17.80% of the company’s stock.

Institutional Trading of Incyte

Hedge funds and other institutional investors have recently made changes to their positions in the business. MUFG Securities EMEA plc acquired a new position in Incyte during the 2nd quarter worth about $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte in the second quarter worth about $33,000. Geneos Wealth Management Inc. lifted its position in shares of Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 588 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Incyte by 153.8% during the third quarter. CIBC Private Wealth Group LLC now owns 726 shares of the biopharmaceutical company’s stock valued at $62,000 after purchasing an additional 440 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Incyte by 43.5% in the third quarter. Brown Brothers Harriman & Co. now owns 818 shares of the biopharmaceutical company’s stock valued at $69,000 after purchasing an additional 248 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

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.