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

Incyte Co. (NASDAQ:INCY) was the recipient of a significant growth in short interest in 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. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is presently 4.0 days. Approximately 3.9% of the shares of the company are short sold.

Incyte Trading Up 0.3 %

Shares of NASDAQ INCY traded up $0.19 during mid-day trading on Thursday, reaching $74.12. 2,024,260 shares of the company’s stock were exchanged, compared to its average volume of 2,335,401. The company’s 50-day moving average is $65.58 and its 200-day moving average is $61.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The firm has a market capitalization of $14.28 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 5.31 and a beta of 0.73. Incyte has a 52-week low of $50.27 and a 52-week high of $74.68.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm posted $0.77 earnings per share. Incyte’s revenue was up 9.3% on a year-over-year basis. Analysts expect that Incyte will post 0.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Guggenheim increased their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $90.00 in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on 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 given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $76.74.

Insider Buying and Selling

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction dated 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 directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Incyte

Hedge funds have recently bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new position in shares of Incyte in the second quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Incyte during the first quarter worth $28,000. Innealta Capital LLC acquired a new stake in shares of Incyte in the second quarter valued at $32,000. Cromwell Holdings LLC boosted its holdings in Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 283 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in Incyte during the 1st quarter worth $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.