Incyte, a $25 billion biotech company, revealed some new data about its cancer drugs on Wednesday, and the stock popped.
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A $25 billion biotech's stock is popping on its promising cancer data (INCY)
Incyte, a $25 billion biotech company, debuted some new data about its cancer drugs on Wednesday, and the stock popped.
The drugmaker, which has one approved product to treat bone-marrow disorders, is developing a cancer immunotherapy called an IDO inhibitor. The goal with these treatments is to harness the body's immune system to attack cancer. The hope is that these IDO-inhibitor drugs will be used alongside PD-1 inhibitors (of which numerous have already been approved) to help more people respond to cancer treatments than if they used the PD-1 inhibitors alone.
Incyte's data that came out Wednesday made it seem as if that might be the case, at least in some forms of cancer. "Solid data validates IDO as a leading IO add-on," Goldman Sachs said in a note after the data, which was released ahead of June's American Society of Clinical Oncology meeting.
But even though the results looked good, there were still some reservations regarding how huge the experimental drug could be.
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"INCY's IDO looks most promising in this class so far, but not very disruptive" in relation to immuno-oncology as a whole, Jefferies analyst Jeffrey Holford said in a note.
Incyte was up by as much as 8% on Thursday morning.
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