Truist Securities has downgraded Incyte Corporation due to the approaching patent loss for its top-selling drug, Jakafi. While Incyte’s pipeline holds promise, Truist expresses concern about the ability to offset the revenue decline from generic competition. The analyst highlights the importance of late-stage results for Povorcitinib in hidradenitis suppurativa and early-stage data for Zilurgisertib in myelofibrosis.