Incyte appoints Bill Meury as CEO, shares rise

Shares of drugmaker Incyte INCY.O rise as much as 4.4% to a 4-month high of $71.50

INCY says it has appointed Bill Meury as CEO, effective immediately

Meury replaces Hervé Hoppenot, who has been in the role since 2014 and will retire, co says

Brokerage William Blair says "the leadership change comes as a welcome announcement to investors"

Meury, in his previous roles, was CEO of Anthos Therapeutics and Karuna Therapeutics; he also served at chief commercial officer at Allergan

Given Meury's impressive track record, investors are questioning whether Incyte could be a target for acquisition - William Blair

However, uncertainty about co's top-selling blood cancer drug Jakafi's exclusivity "will prevent such a transaction until greater clarity emerges on the long-term growth drivers," brokerage adds

Including session moves, stock up 2.2% YTD