Shares of Incyte (INCYWealth Strength IndexINCY is Moderately Flat and trending Down) climbed 2.51% today on the announcement of positive results from a Phase 2 clinical trial, GEOMETRY mono-1, evaluating MET inhibitor capmatinib in 94 adult patients with advanced non-small cell lung cancer. The company presented the data at the European Society for Medical Oncology meeting in Munich.
Licensee Novartis (NVS) has said it expects to file for approval with the U.S. Food & Drug Administration in 2019.
This result alone won’t turn around skepticism about Incyte’s pipeline after the failure of key tests with its IDO cancer drug candidate, but even though the Munich event isn’t a big profile meeting, a successful trial like this does help with investor attitudes toward Incyte.
The next big event for the company is the October 30 report of third quarter earnings before the market open. After that the next test is the Credit Suisse Healthcare Conference oil November 13.
In the last two weeks two investment companies, Leerink Partners and Guggenheim have initiated coverage (neutral or market perform) in the stock.
Incyte is a member of my Jubak Picks Portfolio..