Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary small molecule drugs for oncology and inflammation. The company offers JAKAFI, an oral janus associated kinase inhibitor for the treatment of patients with intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF, and post-essential thrombocythemia MF. The company's product pipe line includes INCB18424, which is in Phase III clinical trial for polycythemia vera; Phase II trial for essential thrombocythemia; Phase II trial for pancreatic cancer; Phase I/II trial to treat solid tumors/other hematologic malignancies. It has a collaborative research and license agreements with Novartis International Pharmaceutical Ltd.; Eli Lilly and Company; and Pfizer Inc. The company was founded in 1991 and is headquartered in Wilmington, Delaware.
To review Incyte's stock, please take a look at the 1-year chart of INCY (Incyte Corporation) below with my added notations:
INCY has created a couple of important price levels to watch. First, the stock has formed a clear resistance at $24 (red), which would also be a 52-week high breakout if INCY could manage to move above it. In addition, the stock is climbing a short term, up-trending support level (blue) over the last (3) months. These two levels combined have INCY stuck within a common chart pattern known as an Ascending Triangle. Eventually, INCY will have to break one of those (2) levels.
The Tale of the Tape: INCY has an up trending support and a 52-week resistance level to watch. A long trade could be made on a pullback to the support, or on a break above $24. A break below the up trending support would be an opportunity to enter a short trade.