Incyte Co. (NASDAQ:INCY) Short Interest Update

Incyte Co. (NASDAQ:INCY) saw a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 7,000,000 shares, a drop of 5.7% from the October 31st total of 7,420,000 shares. Based on an average daily volume of 2,080,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 3.7% of the shares of the company are sold short.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wolfe Research started coverage on Incyte in a report on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective on the stock. Oppenheimer upped their price objective on Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada raised their target price on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. Truist Financial reaffirmed a “hold” rating and set a $74.00 price target (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company raised their price objective on shares of Incyte from $62.00 to $68.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus target price of $77.16.

Incyte Stock Down 1.7 %

Shares of NASDAQ:INCY opened at $72.03 on Wednesday. The company has a market capitalization of $13.88 billion, a P/E ratio of 514.54, a P/E/G ratio of 8.44 and a beta of 0.69. The stock’s fifty day simple moving average is $71.11 and its 200-day simple moving average is $65.44. Incyte has a 52-week low of $50.35 and a 52-week high of $83.95. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. As a group, equities research analysts forecast that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte 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 completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,745 shares of company stock worth $1,311,687. 17.60% of the stock is currently owned by insiders.

Institutional Trading of Incyte

A number of hedge funds have recently bought and sold shares of INCY. Haverford Trust Co raised its holdings in Incyte by 1.8% in the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after acquiring an additional 135 shares during the last quarter. V Square Quantitative Management LLC lifted its position in Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 155 shares during the period. Deseret Mutual Benefit Administrators lifted its position in Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after buying an additional 164 shares during the period. Ballentine Partners LLC boosted its stake in Incyte by 4.0% in the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after buying an additional 182 shares during the last quarter. Finally, Tectonic Advisors LLC grew its holdings in Incyte by 1.6% in the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.