Incyte Co. (NASDAQ:INCY) Short Interest Update

Incyte Co. (NASDAQ:INCY) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 5,100,000 shares, a decrease of 13.1% from the December 15th total of 5,870,000 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average trading volume of 1,960,000 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. UBS Group began coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Citigroup boosted their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, November 14th. Finally, Bank of America raised Incyte from a “neutral” rating to a “buy” rating and upped their target price for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $76.29.

Incyte Trading Down 0.7 %

INCY stock traded down $0.54 on Friday, hitting $71.93. 1,004,226 shares of the company were exchanged, compared to its average volume of 1,542,123. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of 513.82, a price-to-earnings-growth ratio of 0.51 and a beta of 0.71. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The business’s fifty day moving average is $72.36 and its two-hundred day moving average is $67.98.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 23.8% on a year-over-year basis. As a group, research analysts forecast that Incyte will post 0.4 earnings per share for the current year.

Insider Activity

In other Incyte news, insider Thomas Tray sold 650 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the completion of the sale, the insider now directly owns 23,962 shares of the company’s stock, valued at approximately $1,692,675.68. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,023 shares of company stock valued at $839,711. 17.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Incyte

Hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in shares of Incyte by 17,460.4% during the second 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 in the last quarter. Point72 Asset Management L.P. acquired a new position in Incyte during the 3rd quarter worth approximately $156,611,000. Mizuho Securities USA LLC boosted its holdings in Incyte by 13,814.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after acquiring an additional 1,985,726 shares during the period. AQR Capital Management LLC grew its position in Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after acquiring an additional 1,101,041 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Incyte by 2,486.8% during 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 purchasing an additional 379,390 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

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.