Piper Jaffray analyst Tyler Van Buren notes that Incyte announced that REACH2, which is evaluating Jakafi in steroid-refractory acute GvHD, "nicely" met its primary response rate-based endpoint and he believes the data could be presented at ASH. Further, the company disclosed that the REACH3 trial is continuing as planned after an interim efficacy and safety review by the data monitoring committee, although the analyst estimates the data is now delayed until Q3 of 2020. Therefore, by year-end, the remaining major GvHD catalyst is the GRAVITAS-301 trial, which will likely come in December, Van Buren points out, adding that he believes should be a success. While the delay is "slightly frustrating," the analyst still finds the broader REACH2+3 update to be "encouraging" for the overall GvHD franchise, which could generate $500M-plus in sales by 2025. He has an Overweight rating and $95 price target.