The share price of
) shot up 33.5% on Aug 21, 2013 to close the trading session at
$36.04. The stock was buoyed by the positive top-line results
from the company's phase II RECAP trial (n=136) on Jakafi
(ruxolitinib) in combination with
) Xeloda (capecitabine). Incyte also reached a 52-week high of
$37.46 on Aug 21.
The RECAP study evaluated Jakafi in combination with Xeloda in
patients suffering from recurrent or treatment refractory
metastatic pancreatic cancer. Results from the study revealed
that overall survival in patients under the Jakafi arm was higher
than the placebo arm. The company intends to present full results
from the study at a future scientific meeting.
The study further revealed that treatment with Jakafi
significantly improved body weight relative to placebo. The
Jakafi-Xeloda combination was also well tolerated during the
Incyte now plans to work with the U.S. Food and Drug
Administration (FDA) for a phase III study on Jakafi in
pancreatic cancer soon.
We note that Jakafi is the first and only approved treatment for
patients suffering from intermediate or high-risk myelofibrosis
(MF) in the U.S. Jakafi (ex-U.S. trade name: Jakavi) is marketed
) outside the U.S. The drug is also approved by the European
Commission to treat adults suffering from primary MF,
post-polycythemia vera MF or post-essential thrombocythemia MF.
Incyte is looking to expand the drug's label in other oncology
indications as well.
Incyte recorded net product revenues of approximately $54.1
million from Jakafi sales in the second quarter of 2013, up 82%
year over year.
We are encouraged by the positive results from Incyte's RECAP
study. We believe successful development and commercialization of
Jakafi in other indications should further boost the drug's sales
Incyte, a biopharma company, currently carries a Zacks Rank #3
) appears to be more attractive in the biopharma space with a
Zacks Rank #1 (Strong Buy).
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