Incyte (NASDAQ:INCY) Shares Down 6.3% – Should You Sell?

Shares of Incyte Corporation (NASDAQ:INCY) dropped 6.3% on Monday . The company traded as low as $101.99 and last traded at $101.6750. Approximately 1,151,132 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 1,719,934 shares. The stock had previously closed at $108.53.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Stifel Nicolaus set a $123.00 price objective on Incyte in a research note on Tuesday, June 9th. Barclays reaffirmed an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Sanford C. Bernstein began coverage on shares of Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price for the company. Finally, Oppenheimer reissued a “market perform” rating and set a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus target price of $105.10.

Incyte Price Performance

The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market cap of $20.36 billion, a PE ratio of 14.39, a PEG ratio of 1.06 and a beta of 0.79. The business has a 50-day moving average price of $97.78 and a 200 day moving average price of $99.13.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 EPS. As a group, research analysts forecast that Incyte Corporation will post 6.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Elyxium Wealth LLC purchased a new stake in shares of Incyte during the fourth quarter worth $28,000. Smithfield Trust Co boosted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte in the fourth quarter valued at $35,000. Atlas Capital Advisors Inc. bought a new stake in shares of Incyte during the 4th quarter valued at $35,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte during the 4th quarter valued at $35,000. 96.97% of the stock is owned by institutional investors.

About Incyte

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.