Incyte Corporation (NASDAQ: INCY) is having an incredibly rough day in the market this morning, and for good reason. A treatment that was expected to be approved by the FDA was rejected, causing investor fears and leading to declines in the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (8:32), INCY is trading at $126.00 per share after a loss of $14.84 per share or 10.54% thus far today.
INCY Takes A Dive On FDA Rejection
As mentioned above, Incyte Corporation is having a rough time in the pre-market this morning after the FDA has made the decision to reject a treatment the company had been working with Eli Lilly to bring to the market. Unfortunately, the FDA told both companies that more clinical data are required to figure out proper dosing information as well as to address safety concerns across multiple groups of patients. Both INCY and LLY have announced that they disagree with the agency’s conclusions, but they will work with the FDA to find a pathway to regulatory approval.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a clyse eye on both INCY and LLY. In particular, we’ll be watching to see the next steps in the companies’ work to bring this treatment to the public. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.
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