Incyte (INCY) Stock Price Down 7%

Incyte Co. (NASDAQ:INCY) traded down 7% during mid-day trading on Tuesday . The stock traded as low as $66.10 and last traded at $66.73. 4,109,463 shares changed hands during trading, an increase of 83% from the average session volume of 2,245,836 shares. The stock had previously closed at $71.73.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Incyte from a “buy” rating to a “hold” rating in a research report on Thursday, April 19th. JPMorgan Chase & Co. cut their price objective on shares of Incyte from $96.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, April 24th. Raymond James restated a “buy” rating on shares of Incyte in a research report on Tuesday, May 1st. Credit Suisse Group cut their price objective on shares of Incyte from $146.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, April 9th. Finally, Piper Jaffray Companies assumed coverage on shares of Incyte in a research report on Wednesday, May 30th. They set a “buy” rating and a $85.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company’s stock. Incyte has an average rating of “Buy” and an average target price of $110.62.

The company has a current ratio of 3.86, a quick ratio of 3.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $15.69 billion, a price-to-earnings ratio of 104.27 and a beta of 0.75.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, May 1st. The biopharmaceutical company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.08. The company had revenue of $382.28 million during the quarter, compared to analyst estimates of $384.03 million. Incyte had a negative net margin of 10.90% and a negative return on equity of 0.74%. Incyte’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 earnings per share. analysts predict that Incyte Co. will post 0.41 earnings per share for the current fiscal year.

In other news, EVP Paula J. Swain sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, April 30th. The shares were sold at an average price of $62.43, for a total value of $4,994,400.00. Following the completion of the transaction, the executive vice president now owns 39,467 shares of the company’s stock, valued at $2,463,924.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Herve Hoppenot acquired 15,000 shares of the stock in a transaction dated Wednesday, May 2nd. The stock was acquired at an average cost of $60.94 per share, with a total value of $914,100.00. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tyers Asset Management LLC boosted its stake in shares of Incyte by 22.0% in the first quarter. Tyers Asset Management LLC now owns 4,976 shares of the biopharmaceutical company’s stock valued at $415,000 after purchasing an additional 896 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Incyte by 34.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,500 shares of the biopharmaceutical company’s stock valued at $292,000 after purchasing an additional 900 shares during the period. Pitcairn Co. boosted its stake in shares of Incyte by 19.5% in the fourth quarter. Pitcairn Co. now owns 5,615 shares of the biopharmaceutical company’s stock valued at $531,000 after purchasing an additional 918 shares during the period. Assetmark Inc. boosted its stake in shares of Incyte by 221.5% in the first quarter. Assetmark Inc. now owns 1,405 shares of the biopharmaceutical company’s stock valued at $117,000 after purchasing an additional 968 shares during the period. Finally, Blackhawk Capital Partners LLC. boosted its stake in shares of Incyte by 162.5% in the first quarter. Blackhawk Capital Partners LLC. now owns 1,575 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 975 shares during the period. 92.01% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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