Incyte Corp. (NASDAQ: INCY)
INCY Earnings & Technicals
Incyte Corp. (INCY) is surging premarket after they received a huge payment from Eli Lilly for $35 million after INCY submitted a new drug application for the treatment of rheumatoid arthritis. An additional payment of $100 million will be paid if the drug is approved. “Lilly’s collaboration with Incyte has produced a rigorous phase 3 program and, if approved, the potential of a promising new treatment option for people with RA,” said David Ricks, president of Lilly Bio-Medicines. (MarketWatch) Keep an eye on this company going forward as payments like this can significantly add to the bottom line and to investors who are patient enough.
Shares of INCY are looking to start the short week off strong with a gap up around the $80 range after closing Friday at $76.95, almost a 4% increase. INCY has been on a slump the last couple weeks; selling off from the $110 range to recent lows of $73.22. We should some resistance come in around $80, $82.59 and $89.65 while support will be met at $79.05 and $73.22. Expect an uptick in volume today as this catalyst should spark some new interest.
Incyte Corp. Profile
Incyte Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of proprietary small molecule drugs to treat serious unmet medical needs. The company’s product, Jakafi (ruxolitinib), a JAK1 and JAK2 inhibitor, is currently approved in the U.S. for the treatment of intermediate or high-risk myelofibrosis and is in development as a potential treatment for other cancers. Incyte was founded by Roy A. Whitfield in April 1991 and is headquartered in Wilmington, DE. (MarketWatch)