Incyte, which is an American pharmaceutical company that specializes in oncology product development, was the S&P 500’s top gainer on April 12. After a brief pullback on Wednesday, Incyte opened the day higher and rallied to one-week high price levels.
The market sentiment on Incyte weakened on April 6 after the company’s management announced the failure of Epacadostat for treating melanoma. However, the sentiment improved gradually amid the positive outlook on other studies of Epacadostat and other drugs in Incyte’s guidelines. The stock regained upward momentum following an upgrade from investment banker UBS. Incyte’s rating was upgraded from “neutral” to “buy” with a target price of $78.
On April 12, Incyte gained 5.3% and closed the day at $69.83.
Next, we’ll discuss how Micron Technology performed on April 12.