By Emily Dattilo
Shares of Incyte were tumbling after the biopharmaceutical company announced positive results from two skin disease treatment studies, but it wasn't enough for Wall Street.
Incyte stock fell 10% to $61.03, putting it on track for its largest daily percentage decrease since 2018. It also the worst performer in the S&P 500.
The company on Monday announced positive top-line results from its Phase 3 clinical trial program evaluating the safety and efficacy of povorcitinib in adult patients with moderate to severe hidradenitis suppurativa, an inflammatory skin condition.
Though both studies met their primary endpoint, William Blair analysts led by Matt Phipps, who rate the stock at Outperform, wrote that the placebo-adjusted rates were well below the Phase 2 results' levels.
"While the trial achieved statistical significance and will support regulatory submissions, investors will likely question the potential role for povorcitinib given multiple biologics with higher levels of activity," analysts wrote.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 17, 2025 11:21 ET (15:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。