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Here's Why Incyte (INCY) Stock is Up More Than 7% in a Week
INCYIncyte(INCY) zacks.com·2024-05-17 17:26

Shares of Incyte (INCY) moved up 7.2% in the past week compared with the industry's rise of 2.1%. The upside followed after INCY announced a share repurchase authorization of 2.0billion.Investorscheeredthenewsasthemovewillincreasereturnsfortheshareholderswhowereearlierdisappointedwiththefirst−quarterresults.Incytecommencedamodified′DutchAuction′tenderoffertorepurchasesharesofitscommonstockforanaggregatepurchasepriceofupto2.0 billion. Investors cheered the news as the move will increase returns for the shareholders who were earlier disappointed with the first-quarter results. Incyte commenced a modified 'Dutch Auction' tender offer to repurchase shares of its common stock for an aggregate purchase price of up to 1.672 billion. Incyte is offering to pu ...