Nasdaq Biotech Index Drops As Incyte Plummets

The NBI dropped less than 1% today as Incyte Pharmaceuticals (INCY)lost more than 12% during regular hour trading today, although it gained back 5% in after hour trading.

Incyte shares lost ground after the company announced that it will be offering senior convertible notes due in 2011 in order to raise atleast $96 million. Investors it seems were not very happy with the fact that the notes will be worth $11.22 a share.

__