Incyte Corporation (INCY)
INCY Daily Delta Exposure
INCY's current Delta Exposure (DEX) is 651.29K shares, which is 310% larger than the 3M average of 158.7K shares. During this period, DEX ranged from 31.86K on May 16, 2025 to 651.29K on Aug 14, 2025, with dealers maintaining net short exposure requiring continuous hedging. Delta exposure has been increasing recently, forcing increased dealer shorting that could cap rallies. The current put-call delta ratio of 0.10 shows bullish call positioning but leaves the market vulnerable to pullbacks. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 14, 2025 | 725,256.13 | -73,962.74 | 651,293.39 | 0.10 |
| Aug 13, 2025 | 693,561.41 | -43,060.3 | 650,501.11 | 0.06 |
| Aug 12, 2025 | 597,673.02 | -60,203.82 | 537,469.2 | 0.10 |
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