Patton Albertson Miller Group LLC Decreases Stake in Incyte Corporation (NASDAQ:INCY)

Patton Albertson Miller Group LLC lowered its holdings in Incyte Corporation (NASDAQ:INCY) by 32.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,110 shares of the biopharmaceutical company’s stock after selling 28,219 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Incyte were worth $3,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in shares of Incyte in the fourth quarter worth about $121,890,000. AQR Capital Management LLC boosted its stake in shares of Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after acquiring an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company’s stock worth $61,587,000 after acquiring an additional 798,877 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Incyte by 581.3% in the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company’s stock worth $49,236,000 after acquiring an additional 693,782 shares during the period. Finally, Sound Shore Management Inc. CT boosted its stake in shares of Incyte by 98.4% in the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after acquiring an additional 595,741 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.4%

NASDAQ:INCY opened at $68.94 on Friday. The company has a market cap of $13.34 billion, a PE ratio of 215.44, a P/E/G ratio of 0.57 and a beta of 0.68. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.04 and a quick ratio of 2.00. The firm’s 50 day simple moving average is $66.94 and its 200 day simple moving average is $66.66.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, research analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INCY. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Citigroup reissued a “buy” rating on shares of Incyte in a research report on Tuesday, June 3rd. Morgan Stanley lowered their price target on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 24th. UBS Group reaffirmed a “neutral” rating and set a $61.00 price target on shares of Incyte in a research report on Tuesday, June 3rd. Finally, Royal Bank Of Canada set a $67.00 price target on Incyte and gave the company a “sector perform” rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $74.47.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of the firm’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the sale, the executive vice president owned 97,466 shares of the company’s stock, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the sale, the executive vice president directly owned 26,504 shares of the company’s stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,392 shares of company stock worth $3,584,411. 17.80% of the stock is owned by insiders.

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.