Allianz Asset Management GmbH Has $13.33 Million Stake in Incyte Corporation $INCY

Allianz Asset Management GmbH reduced its stake in Incyte Corporation (NASDAQ:INCY) by 61.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,220 shares of the biopharmaceutical company’s stock after selling 245,493 shares during the period. Allianz Asset Management GmbH’s holdings in Incyte were worth $13,334,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in INCY. Arrowstreet Capital Limited Partnership grew its holdings in shares of Incyte by 701.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock worth $185,957,000 after purchasing an additional 2,390,084 shares in the last quarter. AQR Capital Management LLC raised its stake in Incyte by 21.8% in the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares in the last quarter. Norges Bank acquired a new position in Incyte in the second quarter valued at about $96,776,000. Pacer Advisors Inc. lifted its position in Incyte by 8,091.6% during the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock worth $105,897,000 after purchasing an additional 1,233,399 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Incyte during the second quarter worth about $82,485,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $108.39 on Friday. The company’s 50 day moving average price is $101.69 and its two-hundred day moving average price is $93.14. The firm has a market capitalization of $21.28 billion, a P/E ratio of 18.16, a P/E/G ratio of 0.65 and a beta of 0.82. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13.

Insider Transactions at Incyte

In related news, insider Thomas Tray sold 2,774 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the sale, the insider owned 22,973 shares in the company, valued at $2,297,300. The trade was a 10.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 20,105 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the transaction, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 95,225 shares of company stock worth $9,519,745. Insiders own 17.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on INCY shares. Truist Financial set a $103.00 target price on shares of Incyte in a research report on Wednesday, December 24th. Royal Bank Of Canada increased their price target on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a research report on Thursday, January 22nd. HC Wainwright began coverage on Incyte in a research note on Thursday. They set a “buy” rating and a $135.00 target price for the company. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $107.00 target price (down previously from $116.00) on shares of Incyte in a report on Tuesday, January 20th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.29.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.