The company's skin disease drug was only effective for half of study participants
Incyte Corp (NASDAQ:INCY) stock is down 11.4% to trade at $60.16 at last glance, after the pharmaceutical company's phase three trial data for its skin disease treatment showed it was only effective for half of participants.
Shares are on pace for their fourth loss over the last five sessions, as well as their biggest single-day percentage drop since 2018. The equity earlier gapped to its lowest level since July, breaking below $65, which contained several pullbacks since November. In the last three months, INCY shed over 13%.
Amid low absolute volume, Incyte stock has seen seven times the overall options volume typically seen at this point. Most active is the April 60 call, where new positions are being sold to open.
Short-term players leaned bullish prior to the results. This is per Incyte stock's Schaeffer's put/call open interest ratio (SOIR), which sits in the low 14th percentile of its annual range.