Oppenheimer analyst Jay Olson lowered his price target for Incyte to $96 from $100 after itacitinib failed to reach statistical significance on the primary endpoint of Day 28 ORR in the pivotal GRAVITAS-301 study. While itacitinib did improve the Day 28 ORR vs steroids alone, Olson tells investors in a research note that the numerical difference was not statistically significant and there was no benefit on the key secondary endpoint of six-month non-relapse mortality. The analyst maintains an Outperform rating and says he looks forward to 2020 catalysts including Phase 3 study results for rux cream in atopic dermatitis in Q1 and REACH3 in mid-2020.