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Why Incyte Corporation is up 20 Percent Wednesday (INCY)

ResearchShares of Incyte Corporation (NASDAQ: INCY) are up about 20 percent Tuesday after the company announced positive results from a Phase II study. According to the company, Jakafi, an experimental cancer drug increased the six month survival rate for patients with advanced pancreatic cancer. The drug, when taken with chemotherapy drug, capecitabin, increased the six-month survival rate to 42 percent versus 11 percent for those who were given a placebo.

“Results of the RECAP trial provide the first evidence that JAK inhibition is active in this disease and suggest a demonstrable survival benefit in a well-defined group of patients with refractory metastatic pancreatic cancer who can be identified without the development of a companion diagnostic test. Coupled with the overall survival benefit observed in the ongoing Phase III trials in myelofibrosis, these results solidify our belief in the therapeutic opportunity that exists for Jakafi, and provide us with an acceleration strategy to advance our JAK1 inhibitor portfolio into additional areas of unmet medical need,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer.

Incyte Corporation is a $4 billion company that is up 59 percent year to date. According to Yahoo! finance, Incyte, “focuses on the discovery, development, and commercialization of proprietary small molecule drugs for oncology and inflammation. The company markets JAKAFI, an oral janus associated kinase (JAK) inhibitor for the treatment of patients with intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF, and post-essential thrombocythemia MF.

Its product pipe line includes ruxolitinib, a JAK inhibitor, which is in Phase III clinical trial for polycythemia vera; Phase II trial for essential thrombocythemia; Phase II trial for pancreatic cancer; Phase I/II trial to treat solid tumors/other hematologic malignancies, as well as baricitinib, a JAK inhibitor, which is Phase III trial for rheumatoid srthritis, Phase IIb trial for psoriasis, and Phase II trial for diabetic nephropathy.

The company’s products in pipeline also comprise INCB28060 and INCB24360, which are Phase II clinical trial products for the treatment of solid tumors. It has a collaborative research and license agreements with Novartis International Pharmaceutical Ltd.; Eli Lilly and Company; and Pfizer Inc.”

[stock-tools exchange="NASDAQ" symbol="INCY" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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