Mercadolibre, Inc. Called a Great Growth Stock and Incyte Corporation Rockets on Positive Breakthrough Data Results
It has been an impressive month for Mercadolibre, especially after releasing positive first quarter results almost two weeks ago. The stock has been considered a great growth stock. Incyte Corportion shares blew up after the company reported breakthrough data that even a Goldman Sachs analyst referred to as “solid data.”
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Mercadolibre, Inc. shares closed down 2.78% on Thursday despite no significant news aside from a favorable and positive outlook on the stock from Zacks Equity Research. The company, which is known as the Amazon of Latin America, has been seeing some major gains after it released its first quarter results earlier this month. Mercadolibre reported that sales grew 74% year over year for the period to $273.9 million. Net income at $1.10 per share was a growth of 60% and came in significantly higher than what estimates had called for. Mercadolibre is an online trading company with focus on enabling e-commerce and its related services.
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Incyte Corporation shares closed the day up 6.90% yesterday on volume nearly three times its usual volume. Shares exploded after never before seen data was revealed from two of the company’s key clinical trials. Data reported from the biopharmaceutical company indicated that something that wasn’t possible before could be possible now. Incyte has been developing a cancer immunotherapy called an IDO inhibitor. The drug maker’s goal has been to use an IDO inhibitor with a PD-1 inhibitor in order to help people respond to cancer treatments better. This is compared to using just a PD-1 inhibitor. Goldman Sachs said in a note, "Solid data validates IDO as a leading IO add-on." This could be a breakthrough in medicine so no wonder traders reacted positively towards the news. Jefferies analyst Jeffrrey Holford also commented and said in a note, "INCY’s IDO looks most promising in this class so far, but not very disruptive" in relation to immuno-oncology as a whole."
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Our Actionable Research on Mercadolibre, Inc. (NASDAQ: MELI) and Incyte Corporation (NASDAQ: INCY) can be downloaded free of charge at Research Driven Investing.
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