Incyte Climbs 8.2% After Its Drug Meets Goals (INCY)

Shares of Incyte Corporation (Nasdaq: INCY) ended the day up 8.2% at $16.43 per share.

Incyte Corporation reported after the market closed on Monday that its INCB18424 drug had a response rate of 42% in patients with myelofibrosis (MF), which caused its shares to start Tuesday trading significantly higher than the previous day's close.

President and CEO Paul Friedman said, "These highly significant results from COMFORT-I are similar to what was seen in the Phase II trial recently published in the New England Journal of Medicine. We look forward to continuing our work with the FDA and our investigators as we strive to make this new medicine available to patients with myelofibrosis as rapidly as possible. In this regard, we are proceeding with the preparation of a New Drug Application and believe INCB18424 has the potential to become the first FDA-approved treatment for this debilitating, life-threatening disease.”

Today's trading range for shares of Incyte Corporation (INCY) was between $15.70 and $16.84 per share.

The consensus price target of analysts covering the company's stock is $20.42 per share.

Volume of 8.9 million shares was far above the daily average volume of 1.7 million shares.

Incyte Corporation is a drug discovery and development company focused on developing proprietary small molecule drugs for oncology and inflammation.

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