Zacks: Brokerages Anticipate Incyte Co. (INCY) Will Announce Quarterly Sales of $463.74 Million

Wall Street brokerages expect Incyte Co. (NASDAQ:INCY) to announce sales of $463.74 million for the current quarter, Zacks reports. Eleven analysts have issued estimates for Incyte’s earnings, with the lowest sales estimate coming in at $433.74 million and the highest estimate coming in at $529.85 million. Incyte posted sales of $381.53 million during the same quarter last year, which suggests a positive year over year growth rate of 21.5%. The business is expected to report its next earnings report on Tuesday, October 30th.

On average, analysts expect that Incyte will report full-year sales of $1.78 billion for the current financial year, with estimates ranging from $1.70 billion to $1.87 billion. For the next year, analysts expect that the company will post sales of $2.07 billion per share, with estimates ranging from $1.94 billion to $2.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Incyte.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.22. The business had revenue of $521.50 million during the quarter, compared to analyst estimates of $510.70 million. Incyte had a positive return on equity of 1.74% and a negative net margin of 5.92%. The company’s quarterly revenue was up 59.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) EPS.

A number of analysts have commented on INCY shares. Zacks Investment Research lowered Incyte from a “buy” rating to a “hold” rating in a report on Monday, July 23rd. Evercore ISI raised Incyte from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $60.23 to $140.11 in a report on Monday, June 11th. Raymond James reissued a “buy” rating on shares of Incyte in a report on Tuesday, April 24th. BidaskClub raised Incyte from a “strong sell” rating to a “sell” rating in a report on Friday, June 15th. Finally, JPMorgan Chase & Co. reduced their target price on Incyte from $96.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, April 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $104.23.

In related news, EVP Vijay K. Iyengar sold 606 shares of Incyte stock in a transaction on Monday, July 9th. The stock was sold at an average price of $71.34, for a total value of $43,232.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 17.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Incyte by 1.5% during the second quarter. BlackRock Inc. now owns 14,482,092 shares of the biopharmaceutical company’s stock valued at $970,300,000 after purchasing an additional 209,498 shares during the period. Manning & Napier Group LLC grew its holdings in Incyte by 128.5% during the second quarter. Manning & Napier Group LLC now owns 4,284,594 shares of the biopharmaceutical company’s stock valued at $287,067,000 after purchasing an additional 2,409,374 shares during the period. BB Biotech AG grew its holdings in Incyte by 1.6% during the second quarter. BB Biotech AG now owns 3,758,322 shares of the biopharmaceutical company’s stock valued at $251,808,000 after purchasing an additional 60,000 shares during the period. Carmignac Gestion grew its holdings in Incyte by 12.2% during the first quarter. Carmignac Gestion now owns 1,087,414 shares of the biopharmaceutical company’s stock valued at $90,614,000 after purchasing an additional 118,299 shares during the period. Finally, Frontier Capital Management Co. LLC grew its holdings in Incyte by 146.5% during the second quarter. Frontier Capital Management Co. LLC now owns 996,359 shares of the biopharmaceutical company’s stock valued at $66,756,000 after purchasing an additional 592,132 shares during the period. 93.26% of the stock is owned by institutional investors.

Incyte opened at $64.44 on Friday, MarketBeat.com reports. The firm has a market capitalization of $13.52 billion, a price-to-earnings ratio of 100.69 and a beta of 0.71. Incyte has a 12 month low of $60.22 and a 12 month high of $140.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.34 and a quick ratio of 4.32.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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