Incyte Shares Slip 7% Despite FDA Approving Its Atopic Dermatitis Drug

Shares of biotechnology company Incyte Corp.(INCY) are down 7 percent on Wednesday's trading despite the company receiving U.S. FDA's approval for its Opzelura cream for the short-term and non-continuous chronic treatment of patients with mild to moderate Atopic Dermatitis.

Opzelura is the first and only topical formulation of a JAK inhibitor approved in the U.S. The approval of the drug will be helpful for non-immunocompromised patients aged 12 years and above, whose disease cannot be properly controlled with topical prescription therapies, or when those therapies are not advisable.

According to Mayo Clinic, atopic dermatitis (eczema) is a condition that makes your skin red and itchy. It's common in children but can occur at any age. Atopic dermatitis is long lasting and tends to flare periodically. It may be accompanied by asthma or hay fever. Atopic dermatitis affects more than 21 million people aged 12 years and older in the U.S.

Currently at $70.81, the stock has traded between $70.52 and $101.47 during the past 52 weeks.

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