Incyte Stock Drops 9% Despite Announcement Of Phase 3 STOP-HS Positive Result Of Povorcitinib

(RTTNews) - Shares of Incyte Corp. (INCY) are falling over 9 percent during Monday's trading despite the announcement of positive data from Phase 3 STOP-HS clinical trial program, evaluating povorcitinib in adults with hidradenitis suppurativa.

Currently, Incyte's stock is moving down 9.30 percent, to $61.55 over the previous close of $67.86 on the Nasdaq. The stock has traded between $50.35 and $83.95 in the past one year.

The studies met their primary goals. Moreover, the company noted that these positive data support the planned regulatory submission of povorcitinib for the treatment of HS worldwide.