Piper Jaffray analyst Joshua Schimmer is removing about $1B of Jakafi solid tumor sales in both the U.S. and outside of the U.S. after Incyte said it is stopping development of Jakafi for treatment of pancreatic cancer on the heels of a failed trial in colorectal cancer. Schimmer said he still has confidence in the company's ability to identify attractive product opportunities, noted that its earlier stage pipeline has some programs which could prove quite compelling and believes baricitinib should be approved and has reasonable prospects. The analyst cut his price target on the stock to $65 from $125, but maintains an Overweight rating on the shares, as he believes the Jakafi solid tumor news is now reflected in the stock's valuation after today's pullback.