Incyte Co. to Post Q2 2024 Earnings of $0.83 Per Share, William Blair Forecasts (NASDAQ:INCY)

Incyte Co. (NASDAQ:INCY) – Equities researchers at William Blair reduced their Q2 2024 EPS estimates for Incyte in a research note issued on Tuesday, April 30th. William Blair analyst M. Phipps now anticipates that the biopharmaceutical company will earn $0.83 per share for the quarter, down from their previous forecast of $0.98. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Incyte’s current full-year earnings is $3.78 per share. William Blair also issued estimates for Incyte’s Q3 2024 earnings at $0.90 EPS, Q4 2024 earnings at $0.90 EPS, Q2 2025 earnings at $1.06 EPS and Q4 2025 earnings at $1.19 EPS.

Several other equities research analysts have also issued reports on the company. Citigroup decreased their target price on Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, February 14th. TD Cowen decreased their price objective on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Truist Financial reissued a “buy” rating and set a $83.00 target price (down from $84.00) on shares of Incyte in a research report on Wednesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a report on Monday, March 25th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $74.93.

Incyte Stock Performance

Shares of INCY opened at $53.76 on Friday. The stock has a 50 day moving average of $56.09 and a 200 day moving average of $57.55. The company has a current ratio of 3.47, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01. Incyte has a 12 month low of $50.27 and a 12 month high of $67.72. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.25 and a beta of 0.69.

Incyte (NASDAQ:INCY) last posted 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). Incyte had a return on equity of 12.83% and a net margin of 19.78%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the business earned $0.44 EPS. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in INCY. Vanguard Group Inc. grew its stake in Incyte by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 22,519,381 shares of the biopharmaceutical company’s stock valued at $1,413,992,000 after acquiring an additional 359,962 shares in the last quarter. Invesco Ltd. grew its position in shares of Incyte by 3.2% during the 3rd quarter. Invesco Ltd. now owns 3,922,045 shares of the biopharmaceutical company’s stock valued at $226,577,000 after purchasing an additional 120,838 shares in the last quarter. LSV Asset Management increased its holdings in shares of Incyte by 119.6% in the fourth quarter. LSV Asset Management now owns 2,691,827 shares of the biopharmaceutical company’s stock worth $169,020,000 after purchasing an additional 1,465,792 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock worth $155,053,000 after purchasing an additional 970,668 shares during the period. Finally, Northern Trust Corp raised its position in shares of Incyte by 5.9% in the third quarter. Northern Trust Corp now owns 2,127,688 shares of the biopharmaceutical company’s stock worth $122,917,000 after buying an additional 119,389 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Company Profile

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.