Shares of biopharmaceutical company
Incyte
were on track Tuesday for their best trading session in more than six years.
The stock rose 8.6% to $61.97 on Tuesday, putting
Incyte
shares on pace for their largest increase since Aug. 30, 2017, when they gained 11%, according to Dow Jones Market Data. It was the top performer in the
S&P 500
on Tuesday. The stock rose 4.3% on Monday.
The two days of gains likely stem from data announced at the American Society of Hematology annual meeting that began Dec. 9 and runs through Tuesday.
In a press release Sunday, Incyte and
Syndax Pharmaceuticals
shared full results of a phase 2 trial of antibody axatilimab in adult and pediatric patients with refractory chronic graft-versus-host disease (GVHD) who had received at least two prior lines of systemic therapy. GVHD is defined by the National Library of Medicine as a systemic disease that occurs when transplanted tissue’s immune cells view the person’s own tissues as foreign and attack those cells.
The two companies said the trial met the primary endpoint across all cohorts receiving the antibody. Based on the results and a pending agreement from the Food and Drug Administration, they expect to submit a biologics license application to the FDA by the end of the year.
Write to Emily Dattilo at [email protected]
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