Incyte (NASDAQ:INCY) Trading Down 6.6% – Time to Sell?

Shares of Incyte Corporation (NASDAQ:INCY) dropped 6.6% during trading on Monday . The stock traded as low as $97.10 and last traded at $95.73. Approximately 546,265 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,933,203 shares. The stock had previously closed at $102.52.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on INCY shares. Mizuho set a $121.00 price target on shares of Incyte and gave the company an “outperform” rating in a report on Monday. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Wells Fargo & Company lifted their target price on Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday. Bank of America raised their price target on Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Finally, Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Monday, November 3rd. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $99.07.

Incyte Price Performance

The stock’s 50-day moving average is $95.92 and its two-hundred day moving average is $82.61. The company has a market capitalization of $19.28 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the business posted $1.07 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

Insider Activity

In other news, EVP Steven H. Stein sold 20,105 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 63,129 shares in the company, valued at approximately $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the transaction, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This represents a 2.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 26,891 shares of company stock valued at $2,720,766. 17.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in Incyte by 107.1% during the 3rd quarter. Allworth Financial LP now owns 3,564 shares of the biopharmaceutical company’s stock valued at $302,000 after purchasing an additional 1,843 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of Incyte by 180.8% in the third quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after acquiring an additional 55,039 shares in the last quarter. Groupama Asset Managment lifted its stake in Incyte by 1.4% in the third quarter. Groupama Asset Managment now owns 73,075 shares of the biopharmaceutical company’s stock worth $6,197,000 after acquiring an additional 987 shares during the period. CIBC Private Wealth Group LLC lifted its stake in Incyte by 153.8% in the third quarter. CIBC Private Wealth Group LLC now owns 726 shares of the biopharmaceutical company’s stock worth $62,000 after acquiring an additional 440 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in Incyte during the 3rd quarter worth about $1,921,000. 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.