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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotechnology company Incyte (NASDAQ: INCY ) popped 11% today after its quarterly results and guidance impressed Wall Street.
So what: Incyte's fourth-quarter results -- EPS of $0.14 on revenue of $113.9 million versus a loss of $0.44 and a top-line of $28.9 million in the year-ago period -- and outlook were so strong that analysts have no choice but to raise their price targets. In fact, net product revenues for its main blood cancer drug Jakafi surged to $43.3 million from just $2 million in the year-ago period, giving Wall Street plenty of good vibes over the treatment's adoption rate going forward.
Now what: Management now expects full-year 2013 net product revenues of $210 million-$225 million.
"This range reflects our expectations of the ongoing evolution of the myelofibrosis market including more physicians initiating Jakafi; renew appropriate patients and more physicians and patients successfully continuing Jakafi therapy as long as they experience clinical benefit," said CEO Paul Friedman in a conference call with analysts.
Of course, with the stock now up about 30% over the past two months alone, much of that optimism might already be baked into the price.
While you can certainly make huge gains in biotech stocks like Incyte, the best investing approach is to choose great companies and stick with them for the long term. In our free report "3 Stocks That Will Help You Retire Rich," we name stocks that could help you build long-term wealth and retire well, along with some winning wealth-building strategies that every investor should be aware of. Click here now to keep reading.
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