Allianz Asset Management GmbH Sells 81,887 Shares of Incyte Corporation $INCY

Allianz Asset Management GmbH cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 16.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 402,713 shares of the biopharmaceutical company’s stock after selling 81,887 shares during the quarter. Allianz Asset Management GmbH’s holdings in Incyte were worth $27,425,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Czech National Bank increased its stake in Incyte by 6.4% in the second quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after acquiring an additional 2,378 shares during the last quarter. Principal Financial Group Inc. increased its stake in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock valued at $12,954,000 after acquiring an additional 1,419 shares during the last quarter. Amalgamated Bank increased its stake in Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock valued at $1,910,000 after acquiring an additional 591 shares during the last quarter. OMNI 360 Wealth Inc. bought a new position in Incyte in the second quarter valued at approximately $310,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Incyte by 26.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,467 shares of the biopharmaceutical company’s stock valued at $3,964,000 after acquiring an additional 13,523 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INCY. Royal Bank Of Canada lifted their price objective on shares of Incyte from $72.00 to $81.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 24th. Barclays began coverage on shares of Incyte in a research note on Friday, August 1st. They issued an “overweight” rating and a $90.00 price objective on the stock. UBS Group reissued a “neutral” rating and issued a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Citigroup raised their target price on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus raised their target price on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average target price of $84.79.

Incyte Stock Performance

Shares of Incyte stock opened at $87.57 on Friday. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $92.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The firm has a market capitalization of $17.10 billion, a P/E ratio of 19.90, a P/E/G ratio of 0.68 and a beta of 0.73. The company’s 50 day moving average price is $85.20 and its two-hundred day moving average price is $72.54.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares in the company, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 4,261 shares of company stock worth $298,482 in the last quarter. 17.80% of the stock is currently owned by insiders.

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.