BMO Capital analyst Do Kim downgraded Constellation Pharmaceuticals (CNST) to Market Perform from Outperform with a price target of $42, down from $43. The analyst believes CPI-0610 clinical success in front-line myelofibrosis is nearly fully priced into shares ahead of Phase 3 start. In comparison to Incyte's (INCY) valuation at the same period of Jakafi development, Constellation trades at a 60% premium, with a market cap closer to Incyte after Phase 3 data, Kim tells investors in a research note. As such, the analyst expect limited upside in Constellation shares from the CPI-0610 Phase 2 MANIFEST updates.