Patton Fund Management Inc. Takes $254,000 Position in Incyte Corporation $INCY

Patton Fund Management Inc. acquired a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,723 shares of the biopharmaceutical company’s stock, valued at approximately $254,000.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock worth $405,787,000 after purchasing an additional 3,233,356 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Incyte by 65.6% during the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock worth $152,062,000 after acquiring an additional 994,609 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Incyte by 581.3% in the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company’s stock valued at $49,236,000 after buying an additional 693,782 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of Incyte by 469.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company’s stock worth $50,242,000 after buying an additional 684,171 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Incyte by 56.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,398,143 shares of the biopharmaceutical company’s stock valued at $84,658,000 after buying an additional 506,484 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Up 1.3%

Shares of INCY stock opened at $82.70 on Friday. The company has a market capitalization of $16.15 billion, a P/E ratio of 18.80, a P/E/G ratio of 0.64 and a beta of 0.75. The firm has a 50-day moving average price of $81.65 and a 200 day moving average price of $70.04. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.99.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INCY. Guggenheim reiterated a “neutral” rating on shares of Incyte in a research report on Friday, September 19th. Wells Fargo & Company raised Incyte from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. JPMorgan Chase & Co. increased their price target on Incyte from $67.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, August 22nd. Citigroup increased their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Finally, Barclays started coverage on Incyte in a research report on Friday, August 1st. They set an “overweight” rating and a $90.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $83.67.

Insider Activity at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm’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 transaction, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the company’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares of the company’s stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,376 shares of company stock worth $3,859,312. Corporate insiders own 17.80% of the company’s stock.

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.