Raymond James analyst Reni Benjamin upgraded Incyte to Outperform with a $159 price target citing increased confidence in the probability of success of the ongoing Phase III ECHO-301, Epa plus pembrolizumab study, the commercial prospects of the Epa franchise in melanoma and at least four other tumor types, as well as the U.S. commercial opportunity for baricitinib. Data released Saturday from the ESMO presentation featuring Epa plus Pembro I/II 202 melanoma cohort exceeded Benjamin's expectations and provided additional confidence that the PFS readout of of ECHO-301 study expected in first half 2018 will be positive.