Short Interest in Incyte Co. (NASDAQ:INCY) Drops By 29.7%

Incyte Co. (NASDAQ:INCY) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 5,850,000 shares, a decline of 29.7% from the February 13th total of 8,320,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 3.1% of the shares of the stock are short sold.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $69.31, for a total value of $45,051.50. Following the completion of the transaction, the insider now owns 23,312 shares in the company, valued at $1,615,754.72. The trade was a 2.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value 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. The trade was a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,670 shares of company stock worth $2,026,933. 17.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC acquired a new position in shares of Incyte during the 4th quarter worth about $1,933,000. Orion Portfolio Solutions LLC bought a new stake in Incyte during the third quarter worth about $770,000. Tri Ri Asset Management Corp acquired a new position in Incyte during the third quarter valued at approximately $3,292,000. Cypress Capital Group bought a new position in Incyte in the third quarter valued at approximately $971,000. Finally, Bridgewater Associates LP raised its stake in shares of Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock worth $20,401,000 after purchasing an additional 181,504 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 0.2 %

Shares of INCY traded up $0.15 during midday trading on Friday, hitting $67.86. The stock had a trading volume of 1,290,063 shares, compared to its average volume of 1,609,101. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 251.34, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The company has a 50 day simple moving average of $71.75 and a two-hundred day simple moving average of $70.30. Incyte has a twelve month low of $50.35 and a twelve month high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last released its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. On average, analysts anticipate that Incyte will post 4.86 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on INCY. William Blair reiterated an “outperform” rating on shares of Incyte in a report on Friday, December 13th. Royal Bank of Canada reduced their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 11th. Citigroup dropped their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company raised their target price on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $75.25.

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.