Incyte Co. (NASDAQ:INCY) Short Interest Down 8.2% in August

Incyte Co. (NASDAQ:INCY) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 10,800,000 shares, a drop of 8.2% from the August 15th total of 11,760,000 shares. Based on an average trading volume of 2,830,000 shares, the short-interest ratio is presently 3.8 days. Approximately 5.7% of the shares of the company are short sold.

Incyte Trading Down 1.9 %

Incyte stock traded down $1.26 during mid-day trading on Wednesday, hitting $65.17. The company’s stock had a trading volume of 2,213,957 shares, compared to its average volume of 2,430,005. The business has a 50 day moving average price of $64.14 and a 200-day moving average price of $59.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a 12 month low of $50.27 and a 12 month high of $70.36. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. As a group, analysts forecast that Incyte will post 0.67 EPS for the current year.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The disclosure for this sale can be found here. Insiders have sold a total of 34,047 shares of company stock valued at $2,225,626 in the last quarter. Company insiders own 17.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Cape Investment Advisory Inc. purchased a new stake in Incyte in the fourth quarter worth about $25,000. MFA Wealth Advisors LLC bought a new position in Incyte during the 2nd quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new position in Incyte during the first quarter valued at $28,000. Riverview Trust Co purchased a new stake in shares of Incyte in the first quarter worth $29,000. Finally, Fidelis Capital Partners LLC bought a new position in shares of Incyte during the first quarter valued at $32,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on INCY. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Monday. William Blair restated an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 target price (down previously from $52.00) on shares of Incyte in a research report on Tuesday, July 2nd. Finally, Bank of America boosted their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average target price of $73.24.

About Incyte

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.