Incyte Co. (NASDAQ:INCY) Sees Significant Decline in Short Interest

Incyte Co. (NASDAQ:INCY) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 10,800,000 shares, a drop of 8.2% from the August 15th total of 11,760,000 shares. Based on an average daily volume of 2,830,000 shares, the days-to-cover ratio is currently 3.8 days. Approximately 5.7% of the company’s shares are short sold.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of Incyte stock in a transaction dated 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 sale, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Insiders have sold 34,047 shares of company stock worth $2,225,626 over the last quarter. 17.50% of the stock is currently owned by insiders.

Institutional Trading of Incyte

Several institutional investors have recently added to or reduced their stakes in INCY. Sanctuary Advisors LLC bought a new stake in shares of Incyte in the 2nd quarter worth about $2,738,000. Teachers Retirement System of The State of Kentucky increased its holdings in Incyte by 2,486.8% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 394,646 shares of the biopharmaceutical company’s stock valued at $23,923,000 after buying an additional 379,390 shares during the last quarter. Delphi Management Inc. MA bought a new stake in Incyte in the second quarter valued at about $73,000. Advisory Alpha LLC raised its stake in Incyte by 18.9% during the second quarter. Advisory Alpha LLC now owns 6,678 shares of the biopharmaceutical company’s stock valued at $405,000 after buying an additional 1,062 shares in the last quarter. Finally, Truist Financial Corp bought a new position in Incyte during the 2nd quarter worth approximately $1,122,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Down 1.9 %

Shares of NASDAQ INCY opened at $65.17 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. Incyte has a 1 year low of $50.27 and a 1 year high of $70.36. The stock’s 50-day simple moving average is $64.23 and its 200-day simple moving average is $59.70. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 earnings per share. As a group, equities analysts anticipate that Incyte will post 0.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on INCY. BMO Capital Markets reissued an “underperform” rating and set a $48.00 price objective (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $67.00 price target on shares of Incyte in a research note on Tuesday, September 3rd. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $73.24.

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.