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Incyte Corporation (INCY), headquartered in Wilmington, Delaware, discovers, develops, and commercializes therapeutics for hematology/oncology, as well as inflammation and autoimmunity areas. Valued at $14.64 billion by market cap, the company follows the science to find solutions for patients with unmet medical needs. The global biopharmaceutical company is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Tuesday, Jul. 30.
Ahead of the event, analysts expect INCY to report a profit of $0.97 per share on a diluted basis, up 26% from $0.77 per share in the year-ago quarter. The company beat or matched the consensus estimates in two of the last four quarters while missing the forecast on two other occasions. During the previous quarter, INCY obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma.
For the full year, analysts expect INCY to report EPS of $3.66, up 36.1% from $2.69 in fiscal 2023.
INCY stock has underperformed the S&P 500’s ($SPX) 16.9% gains on a YTD basis, with shares up 3.2% during this period. Similarly, it underperformed the S&P 500 Healthcare Sector SPDR’s (XLV) 9.2% gains over the same time frame.
On Jul. 2, INCY shares closed down more than 3% after financial services provider BMO Capital Markets downgraded the stock to Underperform from Market Perform with a price target of $48.
On Apr. 30, INCY reported its Q1 results. Its adjusted EPS of $0.64 missed Wall Street expectations of $0.88. The company’s revenue was $880.89 million, falling short of Wall Street forecasts of $935.80 million. Its non-GAAP net income rose 71.8% year over year to $145.27 million. For fiscal 2024, INCY maintained its full-year revenue and expense guidance. INCY shares closed down marginally on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on INCY stock is bullish, with a “Moderate Buy” rating overall. Out of 21 analysts covering the stock, nine advise a “Strong Buy” rating, 11 give a “Hold” rating, and one recommends a “Strong Sell.” The average analyst price target for INCY is $70.50, indicating a potential upside of 8.1% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
