Patton Albertson Miller Group LLC Has $3.58 Million Stock Position in Incyte Corporation (NASDAQ:INCY)

Patton Albertson Miller Group LLC reduced its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 32.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 SEC.

Several other institutional investors and hedge funds have also made changes to their positions in INCY. Raymond James Financial Inc. acquired a new stake in shares of Incyte in the 4th quarter valued at about $3,623,000. Sequoia Financial Advisors LLC raised its stake in shares of Incyte by 8.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,922 shares of the biopharmaceutical company's stock worth $340,000 after buying an additional 395 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Incyte by 5.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 7,880 shares of the biopharmaceutical company's stock worth $544,000 after acquiring an additional 380 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Incyte by 2.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 30,527 shares of the biopharmaceutical company's stock worth $2,109,000 after acquiring an additional 782 shares during the period. Finally, Natixis Advisors LLC acquired a new stake in shares of Incyte in the 4th quarter worth approximately $1,720,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on INCY shares. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Truist Financial increased their target price on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Morgan Stanley cut their target price on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, March 24th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research report on Tuesday, June 3rd. Finally, UBS Group reaffirmed a "neutral" rating and set a $61.00 target price on shares of Incyte in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Incyte has an average rating of "Hold" and an average price target of $74.47.

Insider Activity at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This trade represents a 2.21% 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 Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,392 shares of company stock worth $3,584,411. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $1.08 during mid-day trading on Friday, hitting $67.86. The company had a trading volume of 1,556,792 shares, compared to its average volume of 1,943,810. 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 business's 50-day simple moving average is $67.12 and its 200-day simple moving average is $66.63. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $83.95. The firm has a market cap of $13.14 billion, a P/E ratio of 212.07, a PEG ratio of 0.57 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last released its 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 business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm's revenue was up 19.5% on a year-over-year basis. As a group, analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

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.