Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Incyte Corp. shares valued at $482,481 were sold by Stein Steven H on Jan 03 ’24. At $65.51 per share, Stein Steven H sold 7,365 shares. The insider’s holdings dropped to 90,218 shares worth approximately $4.95 million following the completion of this transaction.
Also, Iyengar Vijay K sold 657 shares, netting a total of over 42,705 in proceeds. Following the sale of shares at $65.00 each, the insider now holds 43,412 shares.
Before that, Tray Thomas had sold 1,067 shares from its account. In a trade valued at $66,549, the Principal Accounting Officer traded Incyte Corp. shares for $62.37 each. Upon closing the transaction, the insider’s holdings decreased to 1,067 shares, worth approximately $1.29 million.
As published in their initiating research note from Jefferies on February 23, 2024, Incyte Corp. [INCY] has been a Buy and the price target has been revised to $81. Analysts at JMP Securities downgraded the stock from ‘”a Mkt outperform”‘ to ‘”a Mkt perform”‘ outlook in a report released in mid February. As of December 13, 2023, Leerink Partners has increased its “Market perform” rating to a “an Outperform” for INCY. Earlier on December 04, 2023, Guggenheim upgraded its rating. Their new recommendation was “a Buy” for INCY stock which previously was a “a Neutral”.
Analyzing INCY Stock Performance
During the last five days, there has been a drop of approximately -0.13%. Over the course of the year, Incyte Corp. shares have dropped approximately -12.53%. Shares of the company reached a 52-week high of $67.36 on 01/04/24 and a 52-week low of $54.26 on 04/05/24. A 50-day SMA is recorded $58.12, while a 200-day SMA reached $59.71. Nevertheless, trading volume fell to 1.58 million shares from 1.48 million shares the previous day.
Support And Resistance Levels for Incyte Corp. (INCY)
According to the 24-hour chart, there is a support level at 54.37, which, if violated, would cause prices to drop to 53.82. In the upper region, resistance lies at 55.73. The next price resistance is at 56.54. RSI (Relative Strength Index) is 34.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.88, which suggests the price will decrease in the coming days. Percent R is at 82.26%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Incyte Corp. subject to short interest?
Stocks of Incyte Corp. saw a sharp rise in short interest on Mar 28, 2024 jumping by 0.29 million shares to 8.06 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 7.77 million shares. A jump of 3.6% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.27 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.27.
