Patton Fund Management Inc. Buys 30,732 Shares of Incyte Corporation $INCY

Patton Fund Management Inc. lifted its stake in shares of Incyte Corporation (NASDAQ:INCY) by 1,336.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,032 shares of the biopharmaceutical company’s stock after acquiring an additional 30,732 shares during the quarter. Patton Fund Management Inc.’s holdings in Incyte were worth $3,109,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new position in shares of Incyte during the 1st quarter worth $219,000. Finally, Focus Partners Wealth increased its stake in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after buying an additional 8,951 shares during the period. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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.

Analysts Set New Price Targets

Several research firms recently weighed in on INCY. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and decreased their price objective for the company from $120.00 to $94.00 in a report on Monday, March 16th. Weiss Ratings raised shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. TD Cowen restated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. UBS Group upped their price target on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Citigroup reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $107.85.

Incyte Stock Performance

NASDAQ:INCY opened at $113.75 on Monday. The stock has a market capitalization of $22.72 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.11 and a beta of 0.79. Incyte Corporation has a 52 week low of $66.83 and a 52 week high of $115.56. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $99.28 and a 200 day moving average of $99.19.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm posted $1.16 earnings per share. The business’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Incyte Company 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.