Incyte (INCY) slid to the bottom of the S&P 500 on Thursday, as worries from news earlier in the week mounted.
Incyte lost $3.56, or 3.7%, to $93.06, while the S&P 500 climbed 19.33 points, or 0.70%, to 2767.56.
There wasn’t any new news on Incyte today, however the shares, which closed near their 52-week low, were dogged by worries from earlier this week, when Celgene (CELG) purchased Impact Biomedicines, which is working on a rival treatment to Incyte’s blood cancer drug Jakafi.
Leerink’s Michael Schmidt reiterated an Outperform rating on the stock yesterday, when it began to drop following strength early in the week. He argues that worries about Incyte’s cancer treatment epacadostat, the company’s most advanced late stage pipeline candidate and thus a major source of focus, are overblown, and he is reassured by management’s confidence in recent data.
Incyte is down 21% in the past 12 months and has lost 1.9% this year.