Incyte Co. Forecasted to Earn Q4 2024 Earnings of $1.15 Per Share (NASDAQ:INCY)

Incyte Co. (NASDAQ:INCY) – Equities researchers at William Blair raised their Q4 2024 earnings estimates for shares of Incyte in a research note issued to investors on Wednesday, July 31st. William Blair analyst M. Phipps now anticipates that the biopharmaceutical company will post earnings per share of $1.15 for the quarter, up from their prior estimate of $1.04. The consensus estimate for Incyte’s current full-year earnings is $3.35 per share.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share.

Several other research firms also recently issued reports on INCY. Bank of America upped their price objective on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Oppenheimer cut their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. TD Cowen lowered their price objective on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. BMO Capital Markets reissued an “underperform” rating and set a $48.00 price objective (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. raised their target price on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $73.24.

Incyte Trading Down 1.2 %

Shares of NASDAQ:INCY opened at $61.27 on Monday. The business’s 50-day moving average is $61.98 and its 200 day moving average is $58.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 3.43. Incyte has a 1 year low of $50.27 and a 1 year high of $70.36. The firm has a market capitalization of $11.80 billion, a P/E ratio of 18.57, a P/E/G ratio of 1.14 and a beta of 0.73.

Insider Buying and Selling at Incyte

In other news, insider Thomas Tray sold 1,093 shares of Incyte stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the transaction, the executive vice president now owns 36,701 shares in the company, valued at $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,282 shares of company stock valued at $2,876,911. 17.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in INCY. Wellington Management Group LLP raised its position in Incyte by 48.8% during the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after acquiring an additional 43,160 shares during the period. Fulton Bank N.A. purchased a new position in Incyte in the 1st quarter valued at about $1,425,000. Russell Investments Group Ltd. boosted its holdings in Incyte by 29.3% in the 4th quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock worth $60,465,000 after buying an additional 217,979 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in Incyte during the 4th quarter worth approximately $2,033,000. Finally, FORVIS Wealth Advisors LLC acquired a new position in shares of Incyte during the first quarter valued at approximately $1,495,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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.