Q1 2024 EPS Estimates for Incyte Co. (NASDAQ:INCY) Lifted by William Blair

Incyte Co. (NASDAQ:INCY) – William Blair increased their Q1 2024 earnings estimates for shares of Incyte in a note issued to investors on Wednesday, April 17th. William Blair analyst M. Phipps now forecasts that the biopharmaceutical company will earn $0.68 per share for the quarter, up from their prior forecast 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.

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

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Incyte in a research report on Friday, February 23rd. They issued a “buy” rating and a $81.00 price target on the stock. Citigroup dropped their target price on shares of Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $65.00 target price on shares of Incyte in a research report on Monday, March 25th. Stifel Nicolaus raised their price target on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research note on Wednesday, February 14th. Finally, Truist Financial decreased their price target on shares of Incyte from $91.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.07.

Incyte Price Performance

Shares of NASDAQ INCY opened at $52.82 on Friday. Incyte has a fifty-two week low of $50.27 and a fifty-two week high of $75.74. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 1.22 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The firm’s 50-day simple moving average is $57.56 and its 200 day simple moving average is $57.96.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. ARK Investment Management LLC lifted its holdings in Incyte by 7.7% in the 4th quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock worth $33,381,000 after buying an additional 37,932 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Incyte by 13.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,309 shares of the biopharmaceutical company’s stock valued at $3,714,000 after purchasing an additional 7,695 shares in the last quarter. Royal Bank of Canada lifted its holdings in Incyte by 85.3% in the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock worth $57,021,000 after buying an additional 454,416 shares during the period. RFG Advisory LLC purchased a new position in shares of Incyte during the 4th quarter worth approximately $206,000. Finally, Raymond James & Associates bought a new position in shares of Incyte in the 4th quarter worth approximately $2,291,000. 96.97% of the stock is owned by institutional investors.

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.