Incyte (NASDAQ:INCY) Issues Earnings Results, Beats Expectations By $0.89 EPS

Key Points

• Incyte beat quarterly expectations, reporting adjusted EPS of $3.09 versus the $2.20 consensus estimate and revenue of $1.67 billion versus $1.50 billion expected. Net margin was 26.71%, while return on equity reached 26.66%.
• Shares opened at $118.87, near their 52-week high of $120.71, giving Incyte a market capitalization of approximately $23.75 billion.
• Wall Street maintains a cautious outlook: analysts’ consensus rating is Hold, with a consensus price target of $111.10, despite eight Buy ratings and several recent target-price increases.

Incyte (NASDAQ:INCY - Get Free Report) released its quarterly earnings data on Tuesday. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.89, FiscalAI reports. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $118.87 on Tuesday. Incyte has a one year low of $69.69 and a one year high of $120.71. The stock has a market cap of $23.75 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. The business's fifty day moving average price is $107.30 and its two-hundred day moving average price is $101.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on INCY. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They set a "market perform" rating and a $99.00 price target for the company. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. TD Cowen reaffirmed a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. BMO Capital Markets boosted their target price on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a research report on Monday, July 13th. Finally, Stifel Nicolaus set a $123.00 target price on Incyte in a research report on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $111.10.

Hedge Funds Weigh In On Incyte

Several institutional investors and hedge funds have recently modified their holdings of INCY. Jacobi Capital Management LLC grew its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company's stock worth $1,048,000 after acquiring an additional 99 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company's stock worth $161,000 after purchasing an additional 113 shares during the period. Bank of Nova Scotia boosted its holdings in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock worth $1,160,000 after purchasing an additional 124 shares during the last quarter. Perbak Capital Partners LLP boosted its holdings in shares of Incyte by 2.5% during the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock worth $449,000 after purchasing an additional 129 shares during the last quarter. Finally, QTR Family Wealth LLC grew its position in shares of Incyte by 3.7% in the fourth quarter. QTR Family Wealth LLC now owns 3,730 shares of the biopharmaceutical company's stock valued at $373,000 after purchasing an additional 133 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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