Incyte Co. (NASDAQ:INCY) Sees Large Decrease in Short Interest

Incyte Co. (NASDAQ:INCY) was the recipient of a significant drop in short interest in 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 trading volume, of 2,080,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 3.7% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on INCY shares. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. Oppenheimer increased their target price on shares of Incyte from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wolfe Research started coverage on shares of Incyte in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 price target on the stock. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Finally, William Blair reissued an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus 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. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 514.54, a price-to-earnings-growth ratio of 8.44 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business has a 50-day moving average of $71.11 and a two-hundred day moving average of $65.44.

Incyte (NASDAQ:INCY) last announced its quarterly 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). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, analysts forecast that Incyte will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, 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 transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. The trade was a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,745 shares of company stock worth $1,311,687. 17.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently bought and sold shares of the stock. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte in the 2nd quarter valued at about $26,000. Brooklyn Investment Group purchased a new stake in Incyte in the third quarter valued at approximately $30,000. Innealta Capital LLC purchased a new position in shares of Incyte during the second quarter worth approximately $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte in the 3rd quarter valued at $33,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Incyte in the 2nd quarter valued at $36,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

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.