As reported earlier, RBC Capital analyst Brian Abrahams downgraded Incyte to Sector Perform from Outperform and lowered his price target to $74 from $76. The analyst notes that as he previously suggested, the market overreacted to the setbacks suffered by the company's epacadostat and baricitini programs when he also forecasted a rally to reflect the "substantial Jakafi growth opportunity through its out-year patent cliff". With the stock price up 23% from the bottom, Abrahams claims that his prediction has played out, keeping the stock price trading in line until greater visibility on new revenue opportunities emerges.