Incyte (NASDAQ:INCY) Stock Price Down 3.4% – Time to Sell?

Incyte Corporation (NASDAQ:INCY) shares dropped 3.4% during trading on Monday . The stock traded as low as $98.99 and last traded at $99.23. Approximately 459,329 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,962,976 shares. The stock had previously closed at $102.69.

Analyst Ratings Changes

INCY has been the topic of several research analyst reports. Stifel Nicolaus lifted their price objective on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Wells Fargo & Company upped their price target on Incyte from $97.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. JPMorgan Chase & Co. raised their price objective on Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Barclays lifted their target price on Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. Finally, Mizuho set a $121.00 target price on Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus target price of $99.07.

Incyte Stock Down 2.7%

The business has a 50 day moving average price of $98.21 and a 200 day moving average price of $84.85. The firm has a market capitalization of $19.61 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13.

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

Insider Activity at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $94.02, for a total transaction of $289,017.48. Following the sale, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. This trade represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael James Morrissey sold 54,008 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total value of $5,254,438.32. Following the sale, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. This represents a 62.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 84,944 shares of company stock valued at $8,372,543 in the last 90 days. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Czech National Bank lifted its stake in Incyte by 6.4% in the second quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after buying an additional 2,378 shares in the last quarter. denkapparat Operations GmbH increased its position in shares of Incyte by 46.1% during the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock worth $769,000 after acquiring an additional 3,564 shares in the last quarter. Hussman Strategic Advisors Inc. raised its holdings in shares of Incyte by 20.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock worth $4,290,000 after acquiring an additional 10,500 shares during the period. Fisher Asset Management LLC lifted its position in Incyte by 74.6% in the 2nd quarter. Fisher Asset Management LLC now owns 29,922 shares of the biopharmaceutical company’s stock valued at $2,038,000 after acquiring an additional 12,785 shares in the last quarter. Finally, Strid Group LLC bought a new stake in Incyte in the 2nd quarter valued at $999,000. 96.97% of the stock is owned by institutional investors.

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.