Research Analysts Issue Forecasts for Incyte FY2024 Earnings

Incyte Co. (NASDAQ:INCY) – Research analysts at William Blair cut their FY2024 earnings per share (EPS) estimates for shares of Incyte in a research note issued on Tuesday, January 21st. William Blair analyst M. Phipps now forecasts that the biopharmaceutical company will earn $0.30 per share for the year, down from their prior forecast of $0.31. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Incyte’s current full-year earnings is $0.40 per share. William Blair also issued estimates for Incyte’s FY2025 earnings at $4.17 EPS.

Other equities research analysts also recently issued research reports about the company. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, January 14th. Wolfe Research began coverage on Incyte in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $84.00 target price for the company. Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and raised their price target for the company from $68.00 to $90.00 in a report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price target on Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley raised their price objective on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $76.29.

Incyte Stock Performance

Shares of INCY stock opened at $72.41 on Thursday. The firm’s 50 day moving average is $72.02 and its 200 day moving average is $68.27. The stock has a market capitalization of $13.95 billion, a P/E ratio of 517.25, a PEG ratio of 0.53 and a beta of 0.71. Incyte has a 12 month low of $50.35 and a 12 month high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently modified their holdings of INCY. Brooklyn Investment Group bought a new stake in Incyte during the 3rd quarter valued at about $30,000. R Squared Ltd purchased a new position in shares of Incyte during the fourth quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Incyte during the third quarter valued at approximately $33,000. Cromwell Holdings LLC boosted its holdings in Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares during the last quarter. Finally, Groupama Asset Managment grew its position in Incyte by 11.4% in the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 6,105 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 3,680 shares of Incyte stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,375 shares of company stock valued at $1,737,578 in the last ninety days. Company insiders own 17.60% 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.