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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.