Here's Why Incyte Stock Tumbled 16.3% in January
Shares of Incyte (NASDAQ: INCY) fell over 16% last month, according to data provided by S&P Global Market Intelligence. On the first trading day of the year, the company reported disappointing results from a phase 3 trial investigating the combination of itacitinib and corticosteroids as a treatment for treatment-naive acute graft-versus-host disease (GVHD). The drug candidate didn't meet its primary or secondary end points.
While investors took the news pretty hard, Incyte followed up the disappointing news with several positive developments in January. The company signed a collaboration license agreement with MorphoSys for a novel monoclonal antibody, and announced positive outcomes in three separate studies for two unique drug candidates in atopic dermatitis. Despite the progress, the pharma stock lost ground as the month progressed.
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Source Fool.com
