Incyte falls after late-stage data from experimental skin disease drug

Drugmaker Incyte Corp's INCY.O shares fall ~10% to over a seven-month low of $61.16

Co's experimental drug, povorcitinib, meets the main goal of two separate late-stage trials, but significantly underperformed prior studies

At least three analysts said this could make it less competitive against other treatments for the condition called hidradenitis suppurativa

Novartis' NOVN.S Cosentyx and UCB's UCB.BR Bimzelx are already approved to treat this condition that causes painful bumps and lesions under the skin

Brokerage Truist securities said that while the data will help get the drug approved, given the significant need for patients, its commercial potential may be impacted

Up to last close, stock had risen 15.2% in the past 12 months