Incyte (NASDAQ:INCY) Issues Earnings Results, Misses Expectations By $0.07 EPS

Key Points

• Incyte reported a quarterly earnings per share (EPS) of $1.31, missing the consensus estimate of $1.38 by $0.07, with a net margin of 0.48% and a return on equity of 2.77%.
• Institutional investors and hedge funds hold 96.97% of Incyte's stock, with significant stake increases from firms like Goldman Sachs Group and Focus Partners Wealth.
• Analysts have mixed ratings on Incyte's stock, with a consensus rating of "Hold" and an average price target of $74.47, reflecting a recent reduction in target prices from several brokerages.

Incyte (NASDAQ:INCY - Get Free Report) announced its quarterly earnings data on Tuesday. The biopharmaceutical company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.07), Zacks reports. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.15 billion. Incyte had a return on equity of 21.99% and a net margin of 18.99%.

Incyte Stock Up 0.9%

INCY traded up $0.70 during mid-day trading on Friday, reaching $75.59. 1,583,946 shares of the stock were exchanged, compared to its average volume of 1,885,674. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.85. The stock has a market capitalization of $14.63 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68. The company has a 50 day moving average price of $68.72 and a two-hundred day moving average price of $66.68. Incyte has a 1 year low of $53.56 and a 1 year high of $83.95.

Wall Street Analyst Weigh In

INCY has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday. Citigroup raised their price objective on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and raised their price objective for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Royal Bank Of Canada raised their price objective on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Finally, UBS Group reaffirmed a "neutral" rating and set a $68.00 price objective (up previously from $62.00) on shares of Incyte in a research report on Wednesday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $78.50.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares of the company's stock, valued at $2,569,323.15. The trade was a 18.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the sale, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock valued at $3,836,196 over the last quarter. 17.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Incyte

A number of hedge funds have recently made changes to their positions in INCY. NewEdge Advisors LLC raised its stake in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock worth $763,000 after purchasing an additional 9,913 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock worth $299,000 after purchasing an additional 648 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock worth $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association bought a new stake in shares of Incyte during the 1st quarter worth $219,000. Finally, Focus Partners Wealth raised its stake in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after purchasing an additional 8,951 shares during the period. 96.97% of the stock is currently owned by institutional investors.

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.