Patton Albertson Miller Group LLC Cuts Stock Holdings in Incyte Co. (NASDAQ:INCY)

Patton Albertson Miller Group LLC trimmed its position in shares of Incyte Co. (NASDAQ:INCY) by 4.7% during the third quarter, Holdings Channel.com reports. The fund owned 78,743 shares of the biopharmaceutical company’s stock after selling 3,873 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Incyte were worth $5,205,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its holdings in Incyte by 33.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 165,537 shares of the biopharmaceutical company’s stock worth $10,942,000 after acquiring an additional 41,348 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Incyte by 24.5% during the 3rd quarter. Fisher Asset Management LLC now owns 11,522 shares of the biopharmaceutical company’s stock worth $762,000 after acquiring an additional 2,264 shares during the last quarter. Summit Trail Advisors LLC purchased a new position in Incyte during the 3rd quarter worth $362,000. Cerity Partners LLC boosted its holdings in shares of Incyte by 40.7% in the 3rd quarter. Cerity Partners LLC now owns 19,157 shares of the biopharmaceutical company’s stock worth $1,266,000 after buying an additional 5,537 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Incyte by 29.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock worth $106,369,000 after buying an additional 364,169 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Up 2.5 %

Shares of NASDAQ INCY opened at $73.52 on Tuesday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.16 billion, a price-to-earnings ratio of 525.18, a PEG ratio of 8.27 and a beta of 0.71. The business has a 50-day moving average of $70.04 and a 200-day moving average of $64.69.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the firm posted $0.91 EPS. The firm’s revenue for the quarter was up 23.8% compared to the same quarter last year. Sell-side analysts expect that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on INCY. Morgan Stanley boosted their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. Wells Fargo & Company boosted their price target on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $77.16.

Insider Transactions at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is owned by corporate insiders.

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.