Incyte (NASDAQ:INCY) Posts Quarterly Earnings Results, Misses Estimates By $2.60 EPS

Incyte (NASDAQ:INCY) issued its quarterly earnings data on Tuesday. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60), Briefing.com reports. Incyte had a return on equity of 12.83% and a net margin of 19.78%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year.

Incyte Stock Down 4.0 %

Shares of INCY traded down $2.72 during midday trading on Wednesday, reaching $65.07. The stock had a trading volume of 2,837,837 shares, compared to its average volume of 2,566,402. The company’s fifty day simple moving average is $61.60 and its two-hundred day simple moving average is $58.76. Incyte has a 1-year low of $50.27 and a 1-year high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43. The company has a market cap of $14.61 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 1.58 and a beta of 0.73.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INCY. Citigroup upped their price objective on shares of Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets restated an “underperform” rating and issued a $48.00 price objective (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. TD Cowen decreased their price objective on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Truist Financial restated a “buy” rating and issued a $83.00 price objective (down from $84.00) on shares of Incyte in a report on Wednesday, May 1st. Finally, StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.94.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 19,164 shares of Incyte stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the sale, the executive vice president now directly owns 66,377 shares in the company, valued at approximately $3,982,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Incyte news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares in the company, valued at $3,982,620. The disclosure for this sale can be found here. Insiders have sold 45,282 shares of company stock worth $2,876,911 in the last ninety days. 17.50% of the stock is owned by corporate insiders.

Incyte Company Profile

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.