Patton Albertson Miller Group LLC Acquires 5,497 Shares of Incyte Corporation $INCY

Key Points

• Patton Albertson Miller Group LLC increased its stake in Incyte Corporation by 9.3% in Q2, acquiring an additional 5,497 shares to reach a total of 64,607 shares valued at approximately $4.4 million.
• Several institutional investors, including Banque Transatlantique and SVB Wealth, have recently bought stakes in Incyte, contributing to a 96.97% institutional ownership of the company's stock.
• A range of analysts have updated their price targets for Incyte's shares, with Bank of America increasing its target from $90.00 to $104.00, while other firms have adjusted their ratings between "buy" and "underperform."

Patton Albertson Miller Group LLC grew its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 9.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,607 shares of the biopharmaceutical company's stock after purchasing an additional 5,497 shares during the period. Patton Albertson Miller Group LLC's holdings in Incyte were worth $4,400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of INCY. Banque Transatlantique SA bought a new stake in shares of Incyte in the first quarter valued at approximately $26,000. SVB Wealth LLC bought a new stake in shares of Incyte in the first quarter valued at approximately $39,000. Geneos Wealth Management Inc. raised its position in shares of Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 588 shares during the period. WPG Advisers LLC bought a new stake in shares of Incyte in the first quarter valued at approximately $47,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 527 shares during the period. Institutional investors own 96.97% of the company's stock.

Insider Activity at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the transaction, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,376 shares of company stock valued at $3,859,312. 17.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on INCY shares. Royal Bank Of Canada upped their target price on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a report on Wednesday. Truist Financial upped their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Bank of America upped their target price on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Finally, Wall Street Zen lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Incyte presently has an average rating of "Hold" and an average target price of $83.67.

Incyte Trading Up 1.3%

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

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.