Incyte Corporation (NASDAQ:INCY) Sees Large Increase in Short Interest

Key Points

• Incyte Corporation experienced a significant increase in short interest, rising 29.4% in August to 9.6 million shares, representing 5.0% of the stock.
• Insider trading activity showed recent sales from executives, with EVP Barry P. Flannelly selling 1,192 shares, reducing their ownership by 3.07%.
• Institutional investors have shown increased interest, with multiple firms raising their stakes in Incyte, highlighting a trend of growing institutional involvement in the company.

Incyte Corporation (NASDAQ:INCY - Get Free Report) was the target of a large growth in short interest in August. As of August 15th, there was short interest totaling 9,600,000 shares, a growth of 29.4% from the July 31st total of 7,420,000 shares. Currently, 5.0% of the shares of the stock are short sold. Based on an average trading volume of 1,860,000 shares, the short-interest ratio is currently 5.2 days. Based on an average trading volume of 1,860,000 shares, the short-interest ratio is currently 5.2 days. Currently, 5.0% of the shares of the stock are short sold.

Insider Activity

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its stake in shares of Incyte by 17.1% during the 2nd quarter. Osaic Holdings Inc. now owns 8,895 shares of the biopharmaceutical company's stock valued at $605,000 after buying an additional 1,299 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in shares of Incyte by 25.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 12,096 shares of the biopharmaceutical company's stock valued at $824,000 after buying an additional 2,418 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Incyte by 22.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 37,251 shares of the biopharmaceutical company's stock valued at $2,537,000 after buying an additional 6,847 shares in the last quarter. Cim Investment Management Inc. lifted its stake in shares of Incyte by 99.7% during the 2nd quarter. Cim Investment Management Inc. now owns 12,065 shares of the biopharmaceutical company's stock valued at $827,000 after buying an additional 6,022 shares in the last quarter. Finally, Advisory Services Network LLC lifted its stake in shares of Incyte by 11.0% during the 2nd quarter. Advisory Services Network LLC now owns 48,271 shares of the biopharmaceutical company's stock valued at $3,615,000 after buying an additional 4,784 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Down 1.1%

INCY stock traded down $0.96 during trading on Tuesday, reaching $85.60. The stock had a trading volume of 1,516,766 shares, compared to its average volume of 1,860,666. Incyte has a one year low of $53.56 and a one year high of $87.99. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company's 50 day moving average is $77.20 and its two-hundred day moving average is $68.74. The company has a market capitalization of $16.72 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 0.68 and a beta of 0.75.

Analyst Ratings Changes

INCY has been the topic of several research reports. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Bank of America upped their price objective on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Royal Bank Of Canada upped their price objective on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reiterated an "underperform" rating and set a $60.00 price objective (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus target price of $82.53.

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.

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