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

Incyte (NASDAQ:INCY) announced its earnings results on Tuesday. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60), Briefing.com reports. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business earned $0.77 EPS. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis.

Incyte Stock Performance

NASDAQ INCY opened at $64.42 on Friday. 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 1.89 and a quick ratio of 3.43. The stock has a market capitalization of $12.41 billion, a PE ratio of 19.52, a P/E/G ratio of 1.15 and a beta of 0.73. The company’s 50 day simple moving average is $61.74 and its two-hundred day simple moving average is $58.80.

Insiders Place Their Bets

In other news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Thomas Tray sold 1,093 shares of the 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 owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. 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 three months. 17.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on INCY. Citigroup lifted their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $73.24.

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.