Incyte Co. (NASDAQ:INCY) Short Interest Down 10.7% in September

Incyte Co. (NASDAQ:INCY) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 9,640,000 shares, a decline of 10.7% from the August 31st total of 10,800,000 shares. Based on an average trading volume of 2,250,000 shares, the days-to-cover ratio is currently 4.3 days. Currently, 5.1% of the company’s shares are sold short.

Incyte Stock Performance

Shares of INCY stock opened at $65.83 on Friday. Incyte has a one year low of $50.27 and a one year high of $70.36. The company’s 50-day moving average is $64.31 and its 200 day moving average is $59.96. The company has a market capitalization of $14.78 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. 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 (NASDAQ:INCY) last posted its earnings results 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 company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. Incyte’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. Sell-side analysts expect that Incyte will post 0.66 EPS for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 572 shares of the business’s 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 completion of the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Thomas Tray sold 572 shares of the company’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 completion of the sale, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. lifted its stake in shares of Incyte by 17,460.4% in the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC lifted its stake in shares of Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after purchasing an additional 1,101,041 shares during the period. KBC Group NV lifted its stake in shares of Incyte by 842.2% in the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after purchasing an additional 854,311 shares during the period. Acadian Asset Management LLC grew its holdings in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the period. Finally, Swedbank AB bought a new stake in Incyte during the first quarter valued at about $37,440,000. Institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. 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 report on Tuesday, July 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Oppenheimer reduced their price objective on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Truist Financial reissued a “hold” rating and set a $74.00 price objective (down from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price 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.