Incyte Co. (NASDAQ:INCY) Expected to Post Q1 2024 Earnings of $0.68 Per Share

Incyte Co. (NASDAQ:INCY) – Equities research analysts at William Blair increased their Q1 2024 EPS estimates for Incyte in a research report issued on Wednesday, April 17th. William Blair analyst M. Phipps now expects that the biopharmaceutical company will earn $0.68 per share for the quarter, up from their prior estimate of $0.50. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Incyte’s current full-year earnings is $3.84 per share. William Blair also issued estimates for Incyte’s FY2024 earnings at $3.69 EPS and FY2025 earnings at $4.75 EPS.

A number of other research firms also recently weighed in on INCY. Stifel Nicolaus increased their price target on Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a research note on Wednesday, February 14th. Citigroup reduced their target price on Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Truist Financial decreased their target price on Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a research report on Monday, March 25th. Finally, JMP Securities cut shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and an average target price of $76.07.

Incyte Stock Down 0.9 %

Shares of NASDAQ:INCY opened at $52.35 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.55 and a quick ratio of 3.36. The stock has a market cap of $11.75 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 1.22 and a beta of 0.65. The company has a 50 day moving average of $57.46 and a 200-day moving average of $57.92. Incyte has a one year low of $50.27 and a one year high of $75.74.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the business posted $0.44 earnings per share.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. D.A. Davidson & CO. boosted its position in Incyte by 4.8% during the 1st quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock worth $262,000 after acquiring an additional 150 shares during the last quarter. Clear Street Markets LLC lifted its position in shares of Incyte by 93.6% in the first quarter. Clear Street Markets LLC now owns 362 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 175 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in Incyte by 2.8% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,616 shares of the biopharmaceutical company’s stock worth $441,000 after purchasing an additional 183 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Incyte by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 44,169 shares of the biopharmaceutical company’s stock worth $2,773,000 after purchasing an additional 187 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its position in Incyte by 1.2% in the third quarter. Vontobel Holding Ltd. now owns 16,684 shares of the biopharmaceutical company’s stock valued at $964,000 after purchasing an additional 195 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.