Incyte Corp. (INCY) shares fell 5.67 percent, or $6.18, to $102.85 on Tuesday, despite the company reporting higher fourth-quarter earnings that beat Wall Street expectations.
The stock opened at $103.00, compared with a previous close of $109.03, and traded between $102.85 and $106.21 during the session on the Nasdaq. The last bid was $96.95 for 200 shares, while the ask stood at $112.56 for 200 shares. Trading volume totaled about 0.58 million shares, below the average volume of 2.04 million.
The biotech company posted net income of $299.3 million, or $1.46 per share, up from $201.2 million, or $1.02 per share, a year earlier. On an adjusted basis, earnings came in at $367.9 million, or $1.80 per share, well above the analyst consensus of $0.50 per share. Revenue for the quarter rose 27.8 percent to $1.506 billion from $1.178 billion last year.
Incyte shares have traded within a 52-week range of $53.56 to $112.29.
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