Incyte Corporation $INCY Shares Bought by Patton Fund Management Inc.

Patton Fund Management Inc. boosted its stake in shares of Incyte Corporation (NASDAQ:INCY) by 1,336.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 33,032 shares of the biopharmaceutical company’s stock after purchasing an additional 30,732 shares during the period. Patton Fund Management Inc.’s holdings in Incyte were worth $3,109,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. AustralianSuper Pty Ltd acquired a new stake in Incyte during the 3rd quarter worth about $18,085,000. Nordea Investment Management AB increased its holdings in shares of Incyte by 941.8% in the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock valued at $31,874,000 after purchasing an additional 291,293 shares during the period. Toth Financial Advisory Corp acquired a new position in shares of Incyte in the fourth quarter valued at about $1,213,000. Fairvoy Private Wealth LLC raised its stake in shares of Incyte by 468.8% in the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock worth $2,980,000 after purchasing an additional 24,865 shares during the last quarter. Finally, Swiss Life Asset Management Ltd raised its stake in shares of Incyte by 180.8% in the third quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock worth $7,250,000 after purchasing an additional 55,039 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on INCY shares. HC Wainwright reiterated a “buy” rating and issued a $140.00 price objective on shares of Incyte in a research note on Wednesday, June 24th. Truist Financial upped their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and cut their price target for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, UBS Group boosted their price objective on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $107.85.

Incyte Stock Performance

Shares of INCY stock opened at $113.75 on Monday. The stock has a 50 day simple moving average of $99.28 and a 200-day simple moving average of $99.19. Incyte Corporation has a 1-year low of $66.83 and a 1-year high of $115.56. The company has a market cap of $22.72 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.11 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $1.16 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. On average, equities research analysts expect that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.