Short Interest in Incyte Co. (NASDAQ:INCY) Expands By 8.1%

Incyte Co. (NASDAQ:INCY) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 7,350,000 shares, a growth of 8.1% from the September 30th total of 6,800,000 shares. Approximately 3.9% of the company’s stock are sold short. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is currently 4.0 days.

Incyte Price Performance

Shares of NASDAQ INCY traded up $0.19 during midday trading on Thursday, hitting $74.12. The company had a trading volume of 2,024,260 shares, compared to its average volume of 2,335,401. The firm has a market capitalization of $14.28 billion, a price-to-earnings ratio of 22.49, a price-to-earnings-growth ratio of 5.31 and a beta of 0.73. Incyte has a twelve month low of $50.27 and a twelve month high of $74.68. The business has a 50-day simple moving average of $65.58 and a two-hundred day simple moving average of $61.60. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS 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 for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm earned $0.77 EPS. Incyte’s revenue was up 9.3% compared to the same quarter last year. Equities research analysts anticipate that Incyte will post 0.66 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is owned by insiders.

Institutional Trading of Incyte

A number of institutional investors have recently bought and sold shares of the company. FORVIS Wealth Advisors LLC acquired a new stake in Incyte in the 1st quarter valued at about $1,495,000. ProShare Advisors LLC raised its position in shares of Incyte by 14.4% during the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after purchasing an additional 7,925 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in Incyte in the 1st quarter valued at approximately $463,000. Magnetar Financial LLC purchased a new stake in Incyte in the 1st quarter valued at approximately $1,817,000. Finally, Andra AP fonden grew its holdings in Incyte by 35.2% during the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after buying an additional 64,500 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. William Blair restated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Citigroup boosted their price objective on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group raised their price objective on shares of Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.74.

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.