The Key Reason Incyte Corporation Added $850 Million in Market Cap in August

Shares of Incyte (NASDAQ: INCY), a large-cap biotech company primarily focused on developing therapies to treat cancer and inflammatory diseases, tacked on more than $4 per share, or $850 million in total market cap, during the month of August, according to S&P Global Market Intelligence. The reason? Look no further than a favorable update regarding baricitinib.

As the saying goes, good things come to those who wait -- and those who waited until the end of August received a welcome update from Incyte and licensing partner Eli Lilly (NYSE: LLY) regarding once-daily oral JAK inhibitor baricitinib as a treatment for moderate-to-severe rheumatoid arthritis. The duo of Incyte and Eli Lilly announced that they'll be resubmitting a new drug application (NDA) with the Food and Drug Administration (FDA) for baricitinib before the end of Jan. 2018. This new submission will contain new safety and efficacy data, and it's believed the NDA will be reviewed within a six-month period.

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Source: Fool.com