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

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

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their price target on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. BMO Capital Markets restated an “underperform” rating and issued a $52.00 price target (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price target on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. William Blair reiterated an “outperform” rating on shares of Incyte in a report on Friday, December 13th. Finally, Wells Fargo & Company boosted their target price on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $76.29.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 650 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the transaction, the insider now owns 23,312 shares of the company’s stock, valued at approximately $1,615,754.72. The trade was a 2.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $4,624,786.56. The trade was a 5.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,023 shares of company stock valued at $839,711 in the last 90 days. 17.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in INCY. Dimensional Fund Advisors LP grew its stake in Incyte by 24.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,181,269 shares of the biopharmaceutical company’s stock worth $71,617,000 after buying an additional 230,665 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Incyte by 6.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,553 shares of the biopharmaceutical company’s stock worth $1,486,000 after purchasing an additional 1,434 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Incyte by 6.1% during the second quarter. Hsbc Holdings PLC now owns 1,240,952 shares of the biopharmaceutical company’s stock valued at $75,179,000 after buying an additional 70,900 shares in the last quarter. XTX Topco Ltd bought a new position in Incyte during the second quarter valued at about $1,882,000. Finally, Intech Investment Management LLC boosted its stake in Incyte by 103.1% during the second quarter. Intech Investment Management LLC now owns 106,153 shares of the biopharmaceutical company’s stock valued at $6,435,000 after buying an additional 53,886 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

Shares of INCY stock traded down $0.54 on Friday, hitting $71.93. 1,004,226 shares of the stock traded hands, compared to its average volume of 1,542,123. The company has a market capitalization of $13.86 billion, a PE ratio of 513.82, a PEG ratio of 0.51 and a beta of 0.71. The company’s fifty day moving average is $72.36 and its 200 day moving average is $67.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte has a 1-year low of $50.35 and a 1-year high of $83.95.

Incyte (NASDAQ:INCY) last issued 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 company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Incyte’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.91 earnings per share. On average, equities research analysts predict 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.