What happened

Pharmaceutical specialist Incyte (INCY 0.93%) shot higher in a good month for the broader market as the stock gained 27% in January compared with an 8% spike in the S&P 500, according to data provided by S&P Global Market Intelligence.

The rally put shares at just below even over the past year, although the stock has been extremely volatile, having posted gains of as much as 12% and losses of over 30% since early 2018.

Two scientists conduct lab research.

Image source: Getty Images.

So what

Investors learned last month that the company hired a new CFO who will take that position just in time for Incyte's upcoming fourth-quarter earnings report. The stock also benefited from rising optimism on Wall Street that the biotech can turn the corner following disappointing clinical news regarding a few of its key treatments.

Now what

Shareholders are likely in for more volatility ahead, with quarterly results set to publish on Thursday, Feb. 14. Most investors who follow the stock are expecting to see revenue rise about 10% for the period thanks to growth from its Jakafi drug. The more important factor will be any updates that management issues about its late-stage development portfolio, and the prospects for commercializing those treatments in the years to come.

Check out the latest Incyte earnings call transcript.