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Incyte stock price target cut to $70 from $94 at Evercore ISI
NewLink Genetics Corp. shares plummeted 39.2% in premarket trade Friday after Merck and Incyte Corp. said their trial testing a combination including a type of cancer drug called an IDO inhibitor had failed. NewLink has focused its research and development on IDO as a target for its cancer drugs, and its two lead therapies -- indoximod and NLG802 -- target the IDO pathway. The phase 3 trial tested Incyte's epacadostat, which is an IDO inhibitor, in combination with Merck's Keytruda, and was seen as an important trial for the entire IDO class of drugs. However, the combination did not improve progression-free survival for patients as compared with Keytruda alone, Merck and Incyte said on Friday, and the companies are stopping the trial. Drug companies have made big investments in these types of combination treatments, betting that pairing them will boost effectiveness, though Friday's trial results may undermine the theory. Bristol-Myers Squibb, another company that has invested in the IDO space, had shares decline 0.6% premarket. NewLink shares have dropped 18.7% over the last three months, compared with a 2.9% drop in the S&P 500 .
Incyte's stock on track to open at 2-year low
Shares of Incyte Corp. plunged 19% in premarket trade Friday, and Merck & Co. Inc.'s stock dropped 1.9%, after the companies said an external data monitoring committee (eDMC) determined that results from a phase 3 study evaluating Incyte's epacadostat with Merck's Keytruda in patients with metastatic melanoma did not meet the primary endpoint of improving progression-free survival. Incyte's stock had been halted until 8 a.m. ET for news. The companies said the second primary endpoint of overall survival was also not expected to reach statistical significance. The companies said they decided to stop the study based on the eDMC's recommendation. "While we are disappointed that this study did not confirm the efficacy of epacadostat in combination with KEYTRUDA in patients with unresectable or metastatic melanoma, data from ECHO-301/KEYNOTE-252, including analyses of an extensive biomarker panel, will contribute to our understanding of the role of IDO1 inhibition in combination with PD-1 antagonists, and may inform our broader epacadostat clinical development program," said Incyte's Chief Medical Officer Steven Stein. Incyte's stock had shed 16.8% over the past three months through Thursday, while Merck shares had lost 4.3% and the Dow Jones Industrial Average had slipped 3.1%.
Incyte shares fall 19% after resuming trade following a halt
Merck shares slide 1.5% premarket after news of failed drug trial
Incyte, Merck don't expect phase 3 study of melanoma treatment to meet 2nd endpoint
Incyte, Merck said an external DMC determined study of melanoma treatment missed endpoint
Incyte stock halted premarket for news pending
Incyte said its experimental cancer drug failed in a clinical trial that paired it with Merck’s Keytruda, striking a blow to combination therapies.
The drug industry has poured billions of dollars into novel drugs that fight cancer, generating significant value for biotech investors. It is a problem, then, when potential blockbuster drugs miss the mark.
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Incyte said its experimental cancer drug failed in a clinical trial that paired it with Merck’s Keytruda, striking a blow to combination therapies.
Incyte Corporation Stock Plunges on Melanoma Drug Trial Failure
Incyte, Merck Fall on Failed Late-Stage Study
The drug industry has poured billions of dollars into novel drugs that fight cancer, generating significant value for biotech investors. It is a problem, then, when potential blockbuster drugs miss the mark.
Incyte saw its shares make a sharp left turn on Friday after the firm gave an update on its late-stage collaboration with Merck. NewLink Genetics felt the sting as well.
Incyte Falls 20% After Cancer Drug Fails Phase 3 Trial
Incyte's epacadostat flunks late-stage melanoma study
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Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib). The company was founded by Roy A. Whitfield in April 1991 and is headquartered in Wilmington, DE. (See Full Profile)
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