Incyte downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Incyte (INCY) to Market Perform from Outperform without a price target. The company missed an opportunity to acquire MorphoSys (MOR) and has a lack of meaningful drivers in the near term, the analyst tells investors in a research note. The firm says the market continues to ignore valuation arguments for the shares and focuses on the impending patent cliff for ruxolitinib and the lack of catalysts that could potentially protect the company’s “cash cow.” JMP believes the shares are likely to trade in line with the market.