Incyte Co. (NASDAQ:INCY) Short Interest Update

Incyte Co. (NASDAQ:INCY) was the recipient of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 5,790,000 shares, an increase of 14.9% from the January 15th total of 5,040,000 shares. Based on an average daily volume of 1,980,000 shares, the short-interest ratio is presently 2.9 days. Approximately 3.1% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, February 11th. UBS Group assumed coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. Royal Bank of Canada cut their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 11th. Wells Fargo & Company boosted their price objective on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. Finally, Bank of America upgraded shares of 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 report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $75.59.

Incyte Trading Up 0.6 %

Shares of INCY traded up $0.41 during trading hours on Monday, reaching $70.42. The stock had a trading volume of 1,882,071 shares, compared to its average volume of 1,255,658. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a 52 week low of $50.35 and a 52 week high of $83.95. The firm has a 50-day moving average of $71.26 and a 200 day moving average of $69.22. The company has a market cap of $13.57 billion, a P/E ratio of 503.04, a P/E/G ratio of 0.53 and a beta of 0.70.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, sell-side analysts expect that Incyte will post 0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,695 shares of company stock worth $1,444,356 over the last quarter. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Large investors have recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC bought a new position in Incyte during the 3rd quarter worth about $770,000. CWA Asset Management Group LLC bought a new position in Incyte during the 4th quarter worth about $1,933,000. Greenwood Capital Associates LLC bought a new position in Incyte during the 3rd quarter worth about $433,000. Tri Ri Asset Management Corp bought a new position in Incyte during the 3rd quarter worth about $3,292,000. Finally, Cypress Capital Group acquired a new position in shares of Incyte during the 3rd quarter worth about $971,000. Institutional investors own 96.97% of the company’s stock.

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.