JMP Securities analyst Liisa Bayko lowered her price target on Concert Pharmaceuticals (CNCE) shares to $20 from $26 after USPTO ruled in favor of Incyte (INCY) that claims in Concert's '149 patent are not patentable. Concert said it will appeal the decision, but Bayko thinks a reversal of the PTAB decision is unlikely. She now assumes only 5.5 years of exclusivity for CTP-543, continues to recommend Concert, stating that she sees a $1B opportunity in alopecia areata given the size, unmet need, and competitive landscape. Bayko keeps an Outperform rating on Concert shares.