Incyte Was the S&P 500’s Top Gainer on May 18
Top gainers and losers
The top gainers in the S&P 500 on May 18 were:
- Incyte (INCY) rose 6.9%.
- Carmax (KMX) rose 6.2%.
- NVIDIA (NVDA) rose 4.2%.
- Qorvo (QRVO) rose 4.2%.
- Walmart (WMT) rose 3.2%.
The top losers in the S&P 500 on May 18 were:
- Cisco Systems (CSCO) fell 7.2%.
- Mallinckrodt (MNK) fell 3.5%.
- Perrigo Company (PRGO) fell 3.5%.
- Synopsys (SNPS) fell 3.4%.
- Nielsen Holdings (NLSN) fell 2.9%.
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Incyte rose on May 18
Incyte, a biopharmaceutical research company, rose to one-month high price levels on May 18. Incyte opened higher on Thursday due to positive results from its lung cancer drug.
The ECHO-204 study was conducted on 241 patients. ECHO-204 is a study of the tolerability, safety, and efficacy of Epacadostat. The drug is an IDO1 enzyme inhibitor developed by Incyte. It blocks the interaction between the subject’s immune system and the IDO1 enzyme, which helps the immune system identify cancer cells better.
In the ECHO-204 study, Epacadostat was used on the subjects in combination with Opdivo. Opdivo is a PD-1 immune checkpoint inhibitor developed by Bristol-Myers Squibb (BMY). Opdivo blocks the interaction between the immune system’s PD-1 protein and the PD-L1 protein that hides cancer cells from the immune system. The subject’s immune system is able to spot cancer cells better and kill them. The combination of drugs was able to achieve a 75% response rate in the ECHO-204 study.
On May 18, Incyte rose 6.9% and ended the day at $128.80—the highest close since April 13. On the other hand, Bristol-Myers Squibb fell 1.2%. In the next part, we’ll discuss how the US dollar and Treasury yields performed in the early hours on May 19.