Incyte Corporation $INCY Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Incyte stake by 1,555.7% in the third quarter, purchasing 114,467 additional shares for a total of 121,825 shares valued at approximately $14.8 million.
• Institutional investors own 96.97% of Incyte’s outstanding shares, with BlackRock, Wellington Management and Dimensional Fund Advisors among the company’s other major institutional holders.
• Incyte recently reported quarterly EPS of $3.09, beating estimates by $0.94, while revenue rose 37.7% year over year to $1.67 billion. Analysts maintain a consensus “Hold” rating with an average price target of $129.33.

Assenagon Asset Management S.A. grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 1,555.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 121,825 shares of the biopharmaceutical company's stock after buying an additional 114,467 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Incyte worth $14,783,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Incyte in the second quarter valued at approximately $2,044,189,000. Wellington Management Group LLP grew its holdings in shares of Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after purchasing an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock worth $185,873,000 after buying an additional 187,354 shares during the period. Pacer Advisors Inc. increased its stake in shares of Incyte by 2.2% in the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company's stock worth $163,869,000 after buying an additional 37,790 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Incyte in the second quarter worth $182,054,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Up 0.2%

NASDAQ:INCY opened at $113.25 on Tuesday. The company has a 50-day moving average price of $121.79 and a 200-day moving average price of $111.04. The stock has a market cap of $22.96 billion, a price-to-earnings ratio of 14.24, a P/E/G ratio of 4.04 and a beta of 0.74. Incyte Corporation has a 12 month low of $84.02 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the previous year, the company earned $1.57 earnings per share. Incyte's quarterly revenue was up 37.7% on a year-over-year basis. Equities analysts forecast that Incyte Corporation will post 2.28 EPS for the current fiscal year.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 2,642 shares of the company's stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $112.71, for a total transaction of $297,779.82. Following the transaction, the insider owned 183,200 shares in the company, valued at approximately $20,648,472. This represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 55,342 shares of company stock valued at $6,659,208 over the last 90 days. 16.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INCY. Stifel Nicolaus upped their price target on shares of Incyte from $145.00 to $157.00 and gave the company a "buy" rating in a report on Monday, October 5th. Barclays raised their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. Wells Fargo & Company boosted their price objective on shares of Incyte from $116.00 to $128.00 and gave the company an "equal weight" rating in a research report on Thursday, October 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Incyte from $120.00 to $123.00 and gave the company a "neutral" rating in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $129.33.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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