Why Incyte Stock Was Tanking This Week
A less-than-encouraging clinical trial for an investigative medicine was the news driving down (NASDAQ: INCY) stock over the past few days. The gloom this produced was pushing the biotech's share price down by nearly 11% week to date as of Friday before market open.
On Monday, Incyte published the top-line results from two phase 3 trials of its povorcitinib, a treatment aimed at combating moderate to severe hidradenitis suppurativa (HS), also known as acne inversa. This is a chronic and inflammatory skin condition that can result in scarring, among other complications.
In each of the trials, the drug met its primary endpoint of a significant (50%-plus) reduction from baseline in abscess and inflammatory nodule count versus a placebo, with no advances in abscess or draining tunnel count. Both of the tested doses achieved similar results.
Source Fool.com
Incyte Corp. Stock
The stock is one of the favorites of our community with 24 Buy predictions and 1 Sell predictions.
With a target price of 114 € there is a slightly positive potential of 9.99% for Incyte Corp. compared to the current price of 103.65 €.
