Oppenheimer Research Analysts Decrease Earnings Estimates for Incyte Co. (NASDAQ:INCY)

Incyte Co. (NASDAQ:INCYGet Rating) – Analysts at Oppenheimer lowered their FY2023 EPS estimates for shares of Incyte in a research report issued to clients and investors on Wednesday, April 20th. Oppenheimer analyst J. Olson now forecasts that the biopharmaceutical company will post earnings of $3.77 per share for the year, down from their prior estimate of $3.78.

Incyte (NASDAQ:INCYGet Rating) last released its earnings results on Tuesday, February 8th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.72). The firm had revenue of $862.50 million during the quarter, compared to the consensus estimate of $813.38 million. Incyte had a return on equity of 14.66% and a net margin of 31.76%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.73 EPS.

Several other analysts also recently weighed in on INCY. SVB Leerink downgraded Incyte from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $60.00 to $56.00 in a research report on Wednesday, February 9th. Zacks Investment Research upgraded Incyte from a “sell” rating to a “hold” rating and set a $85.00 price objective for the company in a research report on Tuesday, April 5th. Royal Bank of Canada upgraded Incyte from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $78.00 to $90.00 in a research report on Tuesday, January 18th. Guggenheim lowered their price objective on Incyte from $118.00 to $104.00 in a research report on Monday, January 3rd. Finally, TheStreet raised Incyte from a “c+” rating to a “b” rating in a research note on Monday, April 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Incyte has a consensus rating of “Buy” and an average target price of $87.82.

Shares of INCY stock opened at $76.58 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.62 and a current ratio of 3.65. Incyte has a fifty-two week low of $61.91 and a fifty-two week high of $88.26. The stock has a 50 day moving average price of $75.16 and a two-hundred day moving average price of $71.32. The company has a market capitalization of $16.95 billion, a P/E ratio of 17.93, a PEG ratio of 0.90 and a beta of 0.73.

In related news, EVP Barry P. Flannelly sold 43,993 shares of the company’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $83.49, for a total value of $3,672,975.57. Following the sale, the executive vice president now directly owns 65,163 shares of the company’s stock, valued at $5,440,458.87. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker purchased 292,972 shares of Incyte stock in a transaction that occurred on Thursday, February 17th. The stock was purchased at an average cost of $67.74 per share, for a total transaction of $19,845,923.28. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 711,335 shares of company stock worth $49,689,821. 15.80% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in INCY. Dark Forest Capital Management LP bought a new stake in Incyte in the third quarter worth $33,000. AlphaMark Advisors LLC bought a new stake in Incyte in the fourth quarter worth $35,000. Glassman Wealth Services boosted its holdings in Incyte by 52.1% in the fourth quarter. Glassman Wealth Services now owns 502 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 172 shares in the last quarter. Desjardins Global Asset Management Inc. bought a new stake in Incyte in the fourth quarter worth $43,000. Finally, Lindbrook Capital LLC boosted its holdings in Incyte by 577.5% in the fourth quarter. Lindbrook Capital LLC now owns 603 shares of the biopharmaceutical company’s stock worth $44,000 after acquiring an additional 514 shares in the last quarter. 91.33% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile (Get Rating)

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Earnings History and Estimates for Incyte (NASDAQ:INCY)

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