Incyte Corporation is a Delaware-based pharmaceutical company that innovates, develops, and markets proprietary therapeutics. It has a host of products in the pipeline, from pre-clinical to late-stage development. It currently has one FDA-approved product known as JAKAFI that treats a bone marrow ailment. The company has also acquired a drug called Iclusig, used to treat myeloid leukemia. The company’s revenues have grown almost 5x in 5 years and its product pipeline holds plenty of promise for future growth.
The long-term monthly chart for Incyte shows a steady uptrend that began in 2012. Around 2014, the price faced resistance around the $70-level. However, the stock eventually broke out of that level and that resistance level has since turned into support. In April 2020, the stock bounced up from the bottom of the long-term trend and the $70-support level. Since then, the stock has gained 47% and looks set to reach an initial target of $120 and then test the resistance level at $137. Stop loss can be placed below $94, which was a resistance level in the past, but could now act as a support.
Position taken today at $ 101.74 with stop loss 36.85% below at $64.9. With short term take profit at $160 giving a return of 57%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.