Incyte's (INCY) shares dropped on Monday, the same day Wells Fargo cut its price target for the company to $58 from $70.
Following a choppy premarket activity, the shares were trading 7% lower on higher volume than its daily average.
Earlier on Monday, the company reported positive topline results from from two late-stage trials of povorcitinib in hidradenitis suppurativa, a type of skin condition.
According to the company, both the STOP-HS1 and STOP-HS2 studies met their primary goals at the tested doses of 45 milligrams and 75 milligrams. A "significantly higher" portion of subjects treated on its medicine had a reduction in their symptoms when compared to placebo after 12 weeks of treatment.
The data will support the planned regulatory submission for the drug, Incyte said.
Price: 63.07, Change: -4.79, Percent Change: -7.05
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