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Biotech / Medical : Incyte (INCY)
INCY 57.19+0.2%May 20 4:00 PM EDT

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To: Miljenko Zuanic who wrote (3187)5/11/2018 12:42:14 AM
From: tuck  Read Replies (1) of 3202
What do you mean? He bought near $60 like you (and me, via sold puts as usual). On a different subject, wondering if there is anything of use at ASCO for INCY. If you (or Rick or PGS or whoever) don't have thoughts off the top of your head, I'll do a little digging and thinking in the next few days . . . for what that's worth.

Initial effort => check the press release, duh. So outside of epacadostat, they highlight: "Data at ASCO 2018 include oral presentations from a Phase 1 study of ruxolitinib (Jakafi®), lenalidomide and methylprednisolone in patients with relapsed and refractory multiple myeloma, the DeCidE1 trial assessing the combination of DPX-Survivac, cyclophosphamide and epacadostat in patients with recurrent epithelial ovarian cancer . . ."

Which are of definite clinical interest, but probably wouldn't move the stock price much.

So, based on that, once my my sold May 60 puts presumably expire worthless, I will likely stay on the sidelines, unless the stock price retreats noticeably shortly after that. Say, back to the level at which Herve bought. Then I'd try another small put sale. But given what happens to biotechs after ASCO, I think I'd take any profits immediately after news, rather than hold the position through expiration.

OT: thinking JNCE is an interesting ASCO play at these levels. They expect more mature data than has been presented to date at ASCO ( but the trial is ongoing for a while longer). It's an early P2. In general, they are looking for continued good safety, some signal, and some useful biomarker data related to ICOS expression and mutational burden. The main show are the TNBC and gastric cancer cohorts. But there are others, and we'll also get updated enrollment numbers for those (H&N, melanoma, NSCLC). Gastric cancer results could be a little muddy. They started with PD-1 naive patients, but then Keytruda got approved in 3rd line last fall, and they started enrolling patients that weren't naive. Thus numbers for specific subsets there could be too small to infer much (possible reason for the recent weakness?). I have a small position again, and may add on further post earnings weakness.

Abstracts off embargo next week (5/16, 2PM PST), so we need to think fast.

Back on topic: Come to think of it, maybe that's a rationale for taking my profits in the May INCY puts . . .

Cheers, Tuck
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