Incyte Co. (NASDAQ:INCY) Short Interest Up 14.9% in January

Incyte Co. (NASDAQ:INCY) was the recipient of a significant increase in short interest in January. As of January 31st, there was short interest totalling 5,790,000 shares, an increase of 14.9% from the January 15th total of 5,040,000 shares. Based on an average daily trading volume, of 1,980,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 3.1% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on INCY shares. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Morgan Stanley increased their price objective on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus increased their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average price target of $75.59.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 650 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $69.31, for a total transaction of $45,051.50. Following the completion of the transaction, the insider now directly owns 23,312 shares in the company, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the executive vice president now owns 30,658 shares in the company, valued at $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 quarter, insiders have sold 19,695 shares of company stock valued at $1,444,356. 17.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in shares of Incyte in the third quarter valued at about $156,611,000. Mizuho Securities USA LLC raised its stake 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 purchasing an additional 1,985,726 shares in the last quarter. Norges Bank bought a new stake in Incyte in the 4th quarter valued at about $121,890,000. AQR Capital Management LLC grew its position in shares of Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after purchasing an additional 801,090 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock worth $61,587,000 after purchasing an additional 798,877 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Incyte stock traded up $0.41 during trading hours on Monday, hitting $70.42. The company had a trading volume of 1,882,071 shares, compared to its average volume of 1,255,658. Incyte has a one year low of $50.35 and a one year high of $83.95. The firm has a market cap of $13.57 billion, a PE ratio of 503.04, a PEG ratio of 0.53 and a beta of 0.70. The firm has a 50-day moving average of $71.26 and a 200 day moving average of $69.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. On average, sell-side analysts expect that Incyte will post 0.35 earnings per share for the current year.

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.