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

Incyte Co. (NASDAQ:INCY) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 5,850,000 shares, a decrease of 29.7% from the February 13th total of 8,320,000 shares. Based on an average daily trading volume, of 1,700,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 3.1% of the shares of the company are short sold.

Insider Buying and Selling

In related news, EVP Sheila A. Denton sold 599 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,020 shares of company stock worth $1,981,882. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC acquired a new stake in Incyte during the 3rd quarter valued at approximately $65,000. GSA Capital Partners LLP grew its stake in Incyte by 26.5% during the 3rd quarter. GSA Capital Partners LLP now owns 6,453 shares of the biopharmaceutical company’s stock valued at $427,000 after purchasing an additional 1,351 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Incyte by 21.8% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,406 shares of the biopharmaceutical company’s stock worth $423,000 after acquiring an additional 1,145 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Incyte by 2.9% in the 3rd quarter. CIBC Asset Management Inc now owns 25,303 shares of the biopharmaceutical company’s stock worth $1,673,000 after acquiring an additional 723 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its position in shares of Incyte by 13,814.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after acquiring an additional 1,985,726 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Down 2.6 %

Shares of Incyte stock traded down $1.59 during trading hours on Tuesday, reaching $60.42. The stock had a trading volume of 1,302,331 shares, compared to its average volume of 2,239,330. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 223.96, a P/E/G ratio of 0.41 and a beta of 0.76. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte has a 1 year low of $50.35 and a 1 year high of $83.95. The firm has a 50 day simple moving average of $71.55 and a two-hundred day simple moving average of $70.31.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, equities research analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Wall Street Analyst Weigh In

INCY has been the subject of several analyst reports. Truist Financial cut their price target on Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday. Wells Fargo & Company upped their price target on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. William Blair cut Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Stifel Nicolaus increased their price objective on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. Finally, Citigroup cut their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $75.13.

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.