Cantor Fitzgerald analyst Alethia Young lowered her price target on Incyte shares to $65 from $75 after the company announced a top-line miss of the Phase 3 GRAVITAS-301 study of itacitinib in treatment-naive acute graft-versus-host disease, or GVHD, patients. While she is also cautious on the chronic opportunity of itacitinib, the analyst notes that acute and chronic "do have some pathological differences." She keeps a Neutral rating on Incyte shares as she thinks Jakafi is doing very well commercially and believes the benefit of the company's current pipeline is "that there is not one big product that is thesis changing per se but many," Young added.