Shares of biopharmaceutical company Incyte experienced a significant surge on Tuesday, marking their best trading session in over six years. The stock saw an impressive increase of 8.6%, reaching $61.97. This surge in Incyte shares is the largest since August 30, 2017, when they rose by 11%, according to Dow Jones Market Data. Moreover, Incyte emerged as the top performer in the S&P 500 on Tuesday, following a 4.3% rise on Monday.
The recent uptick in stock price can be attributed to data disclosed during the annual meeting of the American Society of Hematology, which commenced on December 9 and will conclude on Tuesday. Incyte, in collaboration with Syndax Pharmaceuticals, shared comprehensive results from a phase 2 trial involving the antibody axatilimab. This trial aimed to evaluate the effectiveness of the antibody in adult and pediatric patients with refractory chronic graft-versus-host disease (GVHD) who had undergone at least two prior lines of systemic therapy. GVHD is a systemic disease wherein the transplanted tissue's immune cells perceive the recipient's own tissues as foreign and attack them.
In their joint statement, Incyte and Syndax Pharmaceuticals revealed that the trial successfully met the primary endpoint across all groups receiving the antibody. As a result, pending approval from the Food and Drug Administration (FDA), they anticipate submitting a biologics license application to the FDA before the year's end.
These positive trial results have fueled investor optimism, contributing to the remarkable rise in Incyte shares. Market analysts are closely monitoring further developments and are eagerly awaiting the FDA's decision.
