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

Incyte (NASDAQ:INCY) issued its earnings results on Tuesday. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.89, FiscalAI reports. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%.

Incyte Trading Up 1.0%

INCY stock opened at $118.87 on Tuesday. Incyte has a 12-month low of $69.69 and a 12-month high of $120.71. The business’s 50-day moving average is $107.30 and its 200 day moving average is $101.72. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market cap of $23.75 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.06 and a beta of 0.76.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently made changes to their positions in INCY. NewEdge Advisors LLC increased its position in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Incyte in the first quarter valued at about $219,000. Finally, Focus Partners Wealth lifted its stake in shares of Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on INCY shares. Morgan Stanley increased their price target on Incyte from $103.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday. TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Stifel Nicolaus set a $123.00 target price on Incyte in a report on Tuesday, June 9th. Truist Financial lifted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. Finally, Oppenheimer reissued a “market perform” rating and issued a $107.00 price target on shares of Incyte in a report on Monday, June 8th. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus target price of $111.10.

About Incyte

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.