Incyte Co. (NASDAQ:INCY) Short Interest Down 8.2% in August

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

Analysts Set New Price Targets

INCY has been the subject of several research reports. Oppenheimer reduced their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Bank of America upped their price target on Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. Truist Financial reissued a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Finally, JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday. 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $73.24.

Incyte Stock Performance

Shares of INCY traded down $1.26 during trading hours on Wednesday, hitting $65.17. The company’s stock had a trading volume of 2,213,707 shares, compared to its average volume of 2,430,003. The business has a 50 day simple moving average of $64.14 and a two-hundred day simple moving average of $59.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a market cap of $14.63 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last posted its 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 business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the firm earned $0.77 earnings per share. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, equities analysts expect that Incyte will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,306 shares of Incyte 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 sale, the executive vice president now directly owns 58,042 shares in the company, valued at $3,725,715.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, 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 value of $1,089,970.00. Following the transaction, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 1,306 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $2,225,626 in the last three months. 17.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently bought and sold shares of INCY. Cape Investment Advisory Inc. bought a new stake in shares of Incyte in the 4th quarter worth approximately $25,000. MFA Wealth Advisors LLC purchased a new position in Incyte during the 2nd quarter valued at about $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte during the first quarter valued at approximately $28,000. Riverview Trust Co bought a new stake in Incyte in the first quarter worth $29,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Incyte during the 1st quarter valued at about $32,000. 96.97% of the stock is currently owned by institutional investors.

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.