What Happened?

Shares of biopharmaceutical company Incyte Corporation (NASDAQ: INCY) jumped 3.7% in the morning session after the company announced positive top-line results from a late-stage study of its lymphoma drug, Monjuvi/Minjuvi (tafasitamab). The Phase III trial, called frontMIND, tested the drug as a first-line treatment for adults with a type of cancer known as diffuse large B-cell lymphoma (DLBCL). The study successfully met its main goal, showing a statistically meaningful improvement in how long patients lived without their disease getting worse. Based on these strong results, Incyte planned to submit a supplemental biologics license application to the FDA in the first half of 2026 to seek approval for this expanded use.

After the initial pop the shares cooled down to $111.08, up 4.1% from previous close.

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What Is The Market Telling Us

Incyte’s shares are somewhat volatile and have had 10 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 10 months ago when the stock dropped 15.2% on the news that the company released phase three trial data for a skin condition treatment, which fell below Wall Street's expectations. According to the data, the drug was effective for less than half of the participants who took it in the trials.

Incyte is up 9.5% since the beginning of the year, and at $111.08 per share, has set a new 52-week high. Investors who bought $1,000 worth of Incyte’s shares 5 years ago would now be looking at an investment worth $1,234.

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