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Incyte shares fall sharply
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October 4, 1999: 11:16 a.m. ET
Biotech firm warns that anemic 3Q revenues will drag down results
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NEW YORK (CNNfn) - Shares of drug discovery technology firm Incyte Pharmaceuticals Inc. fell more than 25 percent Monday after the company said third-quarter revenues were disappointing.
The Palo Alto, Calif.-based company, which designs software and other products designed to aid in genetic-based drug research, said revenues for the July-September period would total only about $35.4 million while net expenses likely would reach as much as $46.5 million.
Despite this outlook, "we nevertheless believe that we are poised for a much stronger fourth quarter, which should help to create momentum for the year 2000," CEO Roy Whitfield said.
For all 1999, the company expects to post a net loss of about $24 million to $27 million.
Incyte (INCY) stock lost 6-11/32 to 17 in late morning trading, close to its 52-week low of 16-3/4. The stock has traded as high as 42-1/4 over the past year. 
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Incyte Pharmaceuticals
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