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
With 14 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 92 € shows a slightly positive potential of 9.63% compared to the current price of 83.92 € for Incyte Corp..
