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

Key Points

• Patton Fund Management Inc. has acquired a new stake in Incyte Corporation, purchasing 3,723 shares valued at approximately $254,000 during Q2.
• Several institutional investors have also increased their positions in Incyte, with significant holdings now representing 96.97% of the company's stock.
• Incyte's stock has experienced fluctuations, currently trading at $82.70, with a market cap of $16.15 billion and a P/E ratio of 18.80.

Patton Fund Management Inc. purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,723 shares of the biopharmaceutical company's stock, valued at approximately $254,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. ST Germain D J Co. Inc. acquired a new stake in shares of Incyte during the second quarter worth about $158,000. CX Institutional boosted its position in shares of Incyte by 10.6% during the second quarter. CX Institutional now owns 4,271 shares of the biopharmaceutical company's stock worth $291,000 after buying an additional 411 shares during the period. Significant Wealth Partners LLC boosted its holdings in Incyte by 10.6% during the second quarter. Significant Wealth Partners LLC now owns 8,948 shares of the biopharmaceutical company's stock worth $609,000 after buying an additional 857 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Incyte by 7.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,231 shares of the biopharmaceutical company's stock worth $3,693,000 after buying an additional 3,951 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Incyte by 22.2% in the 2nd quarter. Fifth Third Bancorp now owns 11,124 shares of the biopharmaceutical company's stock valued at $758,000 after buying an additional 2,021 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Trading Up 1.3%

Incyte stock opened at $82.70 on Friday. The stock has a 50-day moving average price of $81.65 and a 200 day moving average price of $70.04. The stock has a market cap of $16.15 billion, a PE ratio of 18.80, a P/E/G ratio of 0.64 and a beta of 0.75. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.99.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on INCY shares. Truist Financial boosted their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Finally, Royal Bank Of Canada lifted their price objective on Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a research report on Wednesday. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Incyte has an average rating of "Hold" and an average price target of $83.67.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was 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 in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,376 shares of company stock worth $3,859,312 over the last 90 days. Insiders own 17.80% of the company's stock.

Incyte 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.