Allianz Asset Management GmbH Has $27.43 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Allianz Asset Management GmbH reduced its stake in Incyte Corporation by 16.9% in Q2, now holding approximately $27.43 million worth of stock.
• Institutional ownership of Incyte stands at 96.97%, with significant increases in holdings from several advisors during the first quarter.
• Analysts have varied opinions on Incyte, with ratings ranging from "strong-buy" to "underperform", reflecting a consensus price target of $84.79.

Allianz Asset Management GmbH trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 16.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 402,713 shares of the biopharmaceutical company's stock after selling 81,887 shares during the period. Allianz Asset Management GmbH owned about 0.21% of Incyte worth $27,425,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of INCY. Farther Finance Advisors LLC boosted its stake in shares of Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Incyte by 66.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 79,735 shares of the biopharmaceutical company's stock worth $4,828,000 after buying an additional 31,851 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Incyte by 10.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 29,793 shares of the biopharmaceutical company's stock worth $1,804,000 after buying an additional 2,746 shares during the last quarter. Clarius Group LLC acquired a new position in shares of Incyte during the 1st quarter worth about $203,000. Finally, State of Alaska Department of Revenue boosted its stake in shares of Incyte by 3.2% during the 1st quarter. State of Alaska Department of Revenue now owns 18,824 shares of the biopharmaceutical company's stock worth $1,139,000 after buying an additional 590 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on INCY shares. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Royal Bank Of Canada upped their target price on shares of Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a report on Wednesday, September 24th. Barclays began coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. Bank of America upped their target price on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $84.79.

Incyte Stock Up 0.3%

Incyte stock opened at $87.57 on Friday. The stock has a market cap 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 has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $92.86. The company's 50-day moving average price is $85.20 and its two-hundred day moving average price is $72.54.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares of the company's stock, valued at $6,990,074.84. This represents a 3.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 4,261 shares of company stock valued at $298,482. 17.80% 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.

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