Incyte Corporation (NASDAQ:INCY) Shares Purchased by Allianz Asset Management GmbH

Allianz Asset Management GmbH lifted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 64.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 484,600 shares of the biopharmaceutical company's stock after purchasing an additional 189,378 shares during the period. Allianz Asset Management GmbH owned approximately 0.25% of Incyte worth $29,343,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nissay Asset Management Corp Japan ADV lifted its position in shares of Incyte by 0.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after acquiring an additional 150 shares during the period. Bank of Nova Scotia raised its stake in shares of Incyte by 0.8% during the 4th quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after buying an additional 171 shares during the last quarter. Blackhawk Capital Partners LLC. raised its position in Incyte by 4.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after acquiring an additional 175 shares during the last quarter. Fifth Third Bancorp raised its position in Incyte by 2.0% during the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after acquiring an additional 179 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in Incyte by 0.5% during the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock worth $2,637,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. UBS Group restated a "neutral" rating and set a $61.00 price objective on shares of Incyte in a research report on Tuesday, June 3rd. Truist Financial boosted their price target on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. Citigroup reissued a "buy" rating on shares of Incyte in a report on Tuesday, June 3rd. Finally, Royal Bank Of Canada set a $67.00 price target on Incyte and gave the stock a "sector perform" rating in a report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $74.47.

Incyte Trading Down 0.4%

Shares of Incyte stock traded down $0.29 during trading hours on Friday, hitting $70.20. The company's stock had a trading volume of 1,434,800 shares, compared to its average volume of 1,863,126. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a market capitalization of $13.59 billion, a PE ratio of 219.38, a P/E/G ratio of 0.60 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $67.75 and a 200 day moving average of $66.63.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $996.17 million. During the same quarter last year, the firm earned $0.64 earnings per share. The company's revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, equities analysts forecast that Incyte Corporation will post 4.86 EPS for the current year.

Insider Activity

In related news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven H. Stein sold 3,706 shares of the firm's 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 sale, the executive vice president directly owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock worth $3,836,196 over the last three months. Insiders own 17.80% of the company's stock.

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.