Incyte Co. (NASDAQ:INCY) Short Interest Down 10.7% in September

Incyte Co. (NASDAQ:INCY) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 9,640,000 shares, a decrease of 10.7% from the August 31st total of 10,800,000 shares. Currently, 5.1% of the shares of the stock are short sold. Based on an average daily volume of 2,250,000 shares, the short-interest ratio is presently 4.3 days.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on INCY shares. BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 price objective (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Guggenheim lifted their price objective on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. 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 and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.24.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 572 shares of the company’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 transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 over the last three months. Corporate insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Incyte

Hedge funds have recently made changes to their positions in the company. MFA Wealth Advisors LLC purchased a new stake in shares of Incyte in the 2nd quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte during the 1st quarter worth $28,000. Riverview Trust Co acquired a new position in Incyte during the 1st quarter valued at about $29,000. Fidelis Capital Partners LLC acquired a new position in Incyte during the 1st quarter valued at about $32,000. Finally, Innealta Capital LLC acquired a new position in Incyte during the 2nd quarter valued at about $32,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

Shares of INCY stock opened at $65.83 on Friday. Incyte has a twelve month low of $50.27 and a twelve month high of $70.36. The stock has a market capitalization of $14.78 billion, a price-to-earnings ratio of 19.95, a P/E/G ratio of 5.17 and a beta of 0.73. The stock has a fifty day simple moving average of $64.31 and a two-hundred day simple moving average of $59.96. The company has a current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its 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). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that Incyte will post 0.66 EPS 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.