Incyte Corporation (NASDAQ:INCY) in-flight on Jakafi wings
On Wednesday, Incyte Corporation (NASDAQ:INCY) announced positive results from its Phase II study of Jakafi. This drug is used in the treatment of refractory metastatic-pancreatic cancer.
In Wednesday’s trading session Incyte stock jumped 33.48%. The opening price of the shares was $33.03 which touched an intraday high of $37.46 and closed at $36.04. More than 18.22 million shares exchanged hands in Wednesday’s trading while the average volume of shares over a 30 day period stood at 1.10 million. The company has a market cap of $5.52 billion.
The drug results
Let’s take a look at what the results of the drug study were. The mid-stage study had been conducted to decide if Jakafi, which is generically called ruxolitinib could improve the overall-health of patients who were suffering from pancreatic cancer. This drug has to be used alongside capecitabine chemotherapy. The results that the company has reported are astoundingly positive.
The patients who were part of the study and had taken Jakafi in combination with capecitabine had a 6-month survival rate of 42%. Contrastingly the 6-month survival rate of patients in the control arm (those who were taking a placebo along with capecitabine), was just 11%. This level of improvement was a pretty impressive one. The company said that Jakafi had been largely well-tolerated in the course of the study.
The stage is set
Twelve percent of the patients taking Jakafi and the chemotherapy treatment had dropped-out of the study due to some adverse events. Nevertheless, that compares well against the 20percent patients who had been taking only capecitabine and discontinued the treatment.
The patients who were part of the Jakafi arm experienced much higher rates of new onset-grade 3 anemia: -16% against the 2% that was experienced by the control arm. Now that the company has some solid positive results from this study it plans to move forth with the next stage of the study.