Short Interest in Incyte Co. (NASDAQ:INCY) Decreases By 13.1%

Incyte Co. (NASDAQ:INCY) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totalling 5,100,000 shares, a drop of 13.1% from the December 15th total of 5,870,000 shares. Based on an average daily trading volume, of 1,960,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.7% of the shares of the stock are short sold.

Insider Activity at Incyte

In other news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $69.31, for a total transaction of $45,051.50. Following the completion of the sale, the insider now directly owns 23,312 shares of the company’s stock, valued at $1,615,754.72. This represents a 2.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the sale, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,023 shares of company stock valued at $839,711 over the last 90 days. 17.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its position in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Incyte in the 3rd quarter worth about $156,611,000. Mizuho Securities USA LLC increased its holdings in Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after purchasing an additional 1,985,726 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Incyte by 29.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock valued at $106,369,000 after purchasing an additional 364,169 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup increased their price objective on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wolfe Research assumed coverage on Incyte in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price objective for the company. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, January 14th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. Finally, Wells Fargo & Company increased their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $76.29.

Incyte Price Performance

INCY stock traded down $0.54 during trading on Friday, hitting $71.93. The company had a trading volume of 1,004,226 shares, compared to its average volume of 1,542,123. The company has a fifty day moving average price of $72.36 and a two-hundred day moving average price of $67.98. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.86 billion, a P/E ratio of 513.82, a P/E/G ratio of 0.51 and a beta of 0.71. Incyte has a fifty-two week low of $50.35 and a fifty-two week high of $83.95.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. Equities research analysts expect that Incyte will post 0.4 earnings per share for the current fiscal year.

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.