Incyte down after investors set high expectations for blood cancer therapy trial

Shares of drugmaker Incyte INCY.O fall 4% to $98.40

INCY said on Sunday its experimental antibody therapy, INCA033989, showed significant reductions in spleen size and symptoms in patients with a type of rare blood cancer

William Blair says "with Incyte shares up over 20% over the past two months, investor expectations for the data have clearly been high... shares could see some volatility today, but overall, we do not believe the update will significantly change investors' thesis on the program"

The therapy is being tested in patients with myelofibrosis (MF), that scars the bone marrow, and in those with essential thrombocythemia (ET), a disorder where the marrow makes too many platelets leading to an increased risk of blood clots or bleeding

The treatment, tested alone and with cancer drug Jakafi, improved anemia and reduced CALR mutations in myelofibrosis patients, suggesting it may alter the course of the disease, early trial data showed

Leerink Partners estimates that Incyte's mCALR program could generate about $870 million in peak annual sales for myelofibrosis and roughly $1 billion for essential thrombocythemia

Including session moves, stock up 42.3% YTD