Incyte Co. (NASDAQ:INCY) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 4,990,000 shares, an increase of 25.4% from the August 30th total of 3,980,000 shares. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is currently 4.3 days. Approximately 2.3% of the shares of the company are short sold.
NASDAQ:INCY traded up $0.35 during trading hours on Friday, reaching $76.12. The company had a trading volume of 621,803 shares, compared to its average volume of 1,230,788. The stock has a 50-day moving average of $78.07 and a two-hundred day moving average of $80.50. Incyte has a one year low of $57.00 and a one year high of $89.30. The firm has a market capitalization of $16.06 billion, a PE ratio of 92.83 and a beta of 1.05. The company has a quick ratio of 5.59, a current ratio of 5.61 and a debt-to-equity ratio of 0.02.
Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.37. Incyte had a return on equity of 17.10% and a net margin of 15.25%. The firm had revenue of $529.93 million for the quarter, compared to analysts’ expectations of $498.57 million. During the same period in the prior year, the business posted $0.63 earnings per share. The business’s revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that Incyte will post 2.01 earnings per share for the current year.
In other news, EVP Paula J. Swain sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the sale, the executive vice president now directly owns 44,751 shares in the company, valued at $3,580,080. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul A. Friedman sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $82.69, for a total value of $8,269,000.00. Following the sale, the director now owns 277,597 shares in the company, valued at $22,954,495.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,183 shares of company stock worth $9,094,694. 17.10% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of INCY. First Trust Advisors LP boosted its stake in Incyte by 7.0% in the first quarter. First Trust Advisors LP now owns 1,585,118 shares of the biopharmaceutical company’s stock worth $136,336,000 after purchasing an additional 103,479 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new position in Incyte in the first quarter worth $394,000. Principal Financial Group Inc. boosted its stake in Incyte by 1.7% in the first quarter. Principal Financial Group Inc. now owns 299,563 shares of the biopharmaceutical company’s stock worth $25,766,000 after purchasing an additional 5,015 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Incyte in the first quarter worth $584,000. Finally, Meiji Yasuda Life Insurance Co acquired a new position in Incyte in the first quarter worth $327,000. 91.76% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the company. JMP Securities boosted their price objective on Incyte from $107.00 to $110.00 and gave the company a “market outperform” rating in a research report on Monday, September 30th. Morgan Stanley boosted their price objective on Incyte from $82.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Cowen restated a “buy” rating on shares of Incyte in a research report on Friday, September 27th. Nomura boosted their price objective on Incyte from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, ValuEngine cut Incyte from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 5th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Incyte presently has a consensus rating of “Buy” and a consensus price target of $92.05.
Incyte Company Profile
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.
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