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Increased Earnings Estimates Seen for Incyte (INCY): Can It Move Higher?

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Incyte Corporation (INCY - Free Report) is an American pharmaceutical companythat could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on INCY’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Incyte could be a solid choice for investors.

Current Quarter Estimates for INCY

In the past 30 days,8 estimates have gone higher for Incyte while none have gone lower in the same time period. The trend has been pretty favorable too with estimates increasing from a loss of 6 cents a share 30 days ago, to earnings of 18 cents per share today, a significant move.

Current Year Estimates for INCY

Meanwhile, Incyte’s current year figures are also looking quite promising, with 7 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 22 cents per share 30 days ago to 68 cents per share today, a significant move.

INCYTE CORP Price and Consensus

Bottom Line

The stock has also started to move higher lately, adding 16.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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