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What Analysts Recommend for Incyte in April 2018

Margaret Patrick
Updated
What Analysts Recommend for Incyte in April 2018

On April 6, 2018, Incyte (INCY) reported unfavorable results from its phase 3 ECHO-301/KEYNOTE-252 study, which evaluated the potential of the company’s investigational therapy, epacadostat, combined with Merck’s (MRK) Keytruda, in patients suffering from unresectable or metastatic melanoma as compared to those treated with Keytruda monotherapy. The trial failed to meet its first primary endpoint of improvement in progression-free survival and is also not expected to meet the second primary endpoint of overall survival. This news has had a drastic impact on Incyte’s stock, which fell ~22.9% from $83.07 on April 5, 2018, to $64.02 on April 6, 2018, and reduced the company’s market capitalization by approximately $3.5 billion.

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