0827 ET - Incyte shares tumble premarket despite the biopharma's report that a pair of Phase 3 studies of povorcitinib hit their main goal in the inflammatory skin condition hidradenitis suppurativa. Analysts at William Blair note that while the studies achieved their primary endpoints, the placebo-adjusted response rates came in well below those seen in Phase 2 studies. Incyte says the study results will support regulatory submissions, but Blair thinks investors will question the potential role for povorcitinib given multiple biologics with higher levels of activity. Incyte down nearly 15% to $58 premarket. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
March 17, 2025 08:27 ET (12:27 GMT)
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