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

Incyte Co. (NASDAQ:INCY) saw a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 5,850,000 shares, a decrease 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 short-interest ratio is presently 3.4 days. Approximately 3.1% of the shares of the company are sold short.

Incyte Price Performance

INCY stock traded down $5.85 during mid-day trading on Monday, hitting $62.01. The company had a trading volume of 5,175,556 shares, compared to its average volume of 2,222,390. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of 229.68, a P/E/G ratio of 0.41 and a beta of 0.76. The company has a 50-day moving average price of $71.55 and a 200 day moving average price of $70.31. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Incyte has a 12-month low of $50.35 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY) last posted its earnings results 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 return on equity of 0.05% and a net margin of 0.77%. On average, research analysts anticipate that Incyte will post 4.86 earnings per share for the current year.

Analyst Ratings Changes

INCY has been the topic of several analyst reports. Royal Bank of Canada dropped their price target 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 lowered their target price on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Stifel Nicolaus lifted their price objective on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. William Blair reiterated an “outperform” rating on shares of Incyte in a research note on Friday, December 13th. Finally, UBS Group initiated coverage on shares of Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 target price on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $75.25.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,020 shares of company stock worth $1,981,882 over the last quarter. Company insiders own 17.60% of the company’s stock.

Hedge Funds Weigh In On Incyte

Several institutional investors have recently bought and sold shares of the business. Venturi Wealth Management LLC purchased a new position in Incyte in the third quarter worth $65,000. GSA Capital Partners LLP raised its position in shares of Incyte by 26.5% in the third quarter. GSA Capital Partners LLP now owns 6,453 shares of the biopharmaceutical company’s stock worth $427,000 after acquiring an additional 1,351 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Incyte by 21.8% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,406 shares of the biopharmaceutical company’s stock worth $423,000 after acquiring an additional 1,145 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Incyte by 2.9% during the 3rd quarter. CIBC Asset Management Inc now owns 25,303 shares of the biopharmaceutical company’s stock valued at $1,673,000 after acquiring an additional 723 shares during the period. Finally, Mizuho Securities USA LLC grew its position in shares of Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after acquiring an additional 1,985,726 shares during the period. Institutional investors own 96.97% of the company’s stock.

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.