Incyte Corporation (NASDAQ:INCY) announced that the Phase 2 sub-study of ruxolitinib or placebo in combination with regorafenib in patients with relapsed or refractory metastatic colorectal cancer (CRC) and high C-reactive protein (CRP) will be stopped early. The decision to stop the sub-study was made after a planned interim analysis of the high CRP subgroup demonstrated that ruxolitinib plus regorafenib did not show a sufficient level of efficacy to warrant continuation.
“We are disappointed at the outcome from this interim analysis and deeply grateful for the support and commitment of the patients participating in the study, their families, and the study investigators,” said Steven Stein, M.D., Chief Medical Officer of Incyte. (Original Source)
Shares of Incyte are falling 10.5% to $67.10 in after-hours trading. INCY has a 1-year high of $133.62 and a 1-year low of $69.73. The stock’s 50-day moving average is $98.66 and its 200-day moving average is $109.02.
On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on January 20, Credit Suisse analyst Alethia Young initiated coverage with a Buy rating on INCY and a price target of $110, which represents a potential upside of 46.7% from where the stock is currently trading. Separately, on January 19, UBS’s Matt Roden reiterated a Buy rating on the stock and has a price target of $135.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alethia Young and Matt Roden have a total average return of -10.8% and 16.1% respectively. Young has a success rate of 37.5% and is ranked #3365 out of 3607 analysts, while Roden has a success rate of 55.0% and is ranked #185.
The street is mostly Bullish on INCY stock. Out of 7 analysts who cover the stock, 7 suggest a Buy rating . The 12-month average price target assigned to the stock is $133.00, which represents a potential upside of 77.4% from where the stock is currently trading.
Incyte Corp is a biopharmaceutical company. It discovers, develops and commercializes proprietary small molecule drugs to treat serious unmet medical needs, mainly in oncology.