Analysts Issue Forecasts for Incyte Co.’s FY2017 Earnings (INCY)
Incyte Co. (NASDAQ:INCY) – Stock analysts at SunTrust Banks lifted their FY2017 earnings estimates for Incyte in a research report issued on Thursday. SunTrust Banks analyst P. Lawson now forecasts that the biopharmaceutical company will post earnings per share of ($1.22) for the year, up from their previous forecast of ($1.46). SunTrust Banks also issued estimates for Incyte’s Q4 2017 earnings at ($0.41) EPS, Q1 2018 earnings at $0.10 EPS, Q3 2018 earnings at $0.04 EPS, Q4 2018 earnings at ($0.04) EPS, FY2018 earnings at $0.14 EPS and FY2019 earnings at $1.40 EPS.
A number of other research analysts have also recently weighed in on the stock. BidaskClub upgraded shares of Incyte from a “strong sell” rating to a “sell” rating in a research note on Friday, January 26th. Oppenheimer restated a “hold” rating and set a $110.00 target price (down previously from $120.00) on shares of Incyte in a research note on Monday, January 22nd. BMO Capital Markets restated a “buy” rating and set a $172.00 target price on shares of Incyte in a research note on Wednesday, January 3rd. Zacks Investment Research cut shares of Incyte from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Finally, Citigroup restated a “market perform” rating and set a $120.00 target price (down previously from $135.00) on shares of Incyte in a research note on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Incyte has an average rating of “Buy” and a consensus price target of $143.25.
Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 31st. The biopharmaceutical company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. Incyte had a negative net margin of 10.90% and a negative return on equity of 12.91%. The company had revenue of $381.50 million for the quarter, compared to analysts’ expectations of $360.34 million. During the same quarter in the previous year, the company earned $0.19 EPS. Incyte’s revenue for the quarter was up 41.6% on a year-over-year basis.
In other news, insider David W. Gryska sold 3,915 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $105.63, for a total value of $413,541.45. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David W. Gryska sold 6,760 shares of the business’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $98.87, for a total transaction of $668,361.20. Following the completion of the sale, the insider now owns 20,752 shares in the company, valued at $2,051,750.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,878 shares of company stock worth $4,636,494. 17.70% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Capital International Investors increased its holdings in shares of Incyte by 1.4% in the 3rd quarter. Capital International Investors now owns 6,494,566 shares of the biopharmaceutical company’s stock worth $758,176,000 after buying an additional 87,369 shares during the last quarter. Matrix Capital Management Company LP grew its holdings in Incyte by 28.3% during the 2nd quarter. Matrix Capital Management Company LP now owns 1,796,716 shares of the biopharmaceutical company’s stock valued at $226,225,000 after purchasing an additional 396,716 shares during the last quarter. Jennison Associates LLC grew its holdings in Incyte by 24.3% during the 3rd quarter. Jennison Associates LLC now owns 1,633,173 shares of the biopharmaceutical company’s stock valued at $190,657,000 after purchasing an additional 319,191 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Incyte during the 3rd quarter valued at about $125,065,000. Finally, Pictet Asset Management Ltd. grew its holdings in Incyte by 27.4% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,055,743 shares of the biopharmaceutical company’s stock valued at $123,247,000 after purchasing an additional 227,088 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.
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Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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