Incyte Co. (NASDAQ:INCY) Short Interest Update

Incyte Co. (NASDAQ:INCY - Get Free Report) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 5,100,000 shares, a drop of 13.1% from the December 15th total of 5,870,000 shares. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily volume of 1,960,000 shares, the days-to-cover ratio is currently 2.6 days.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares of the company's stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,023 shares of company stock valued at $839,711. 17.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Incyte

Several hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in shares of Incyte in the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Incyte in the 3rd quarter valued at about $33,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Incyte in the 2nd quarter worth approximately $36,000. Cromwell Holdings LLC boosted its stake in shares of Incyte by 101.1% during the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company's stock valued at $37,000 after purchasing an additional 283 shares in the last quarter. Finally, Groupama Asset Managment increased its holdings in Incyte by 11.4% during the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 6,105 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a report on Thursday, December 19th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Incyte in a research report on Friday, January 10th. Citigroup lifted their price objective on shares of Incyte from $92.00 to $97.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Finally, Wolfe Research started coverage on Incyte in a research report on Tuesday, October 1st. They issued an "outperform" rating and a $84.00 price target for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Incyte presently has an average rating of "Hold" and an average target price of $76.29.

Incyte Trading Down 0.7 %

INCY traded down $0.54 on Monday, reaching $71.93. 1,004,226 shares of the company traded hands, compared to its average volume of 1,542,123. The company has a market cap of $13.86 billion, a P/E ratio of 513.82, a price-to-earnings-growth ratio of 0.51 and a beta of 0.71. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte has a one year low of $50.35 and a one year high of $83.95. The firm has a fifty day simple moving average of $72.36 and a two-hundred day simple moving average of $68.06.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business's revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. As a group, equities research analysts expect that Incyte will post 0.4 earnings per share for the current year.

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.