After topping $150 on rumors of a Gilead Sciences (GILD) big, Incyte (INCY) is now trading down at $123 after the FDA failed to approve RA candidate baricitinib. The momentum in the stock and the below chart suggests the stock easily dips to $110 to close that gap. Remember that analysts bullish on the stock and the approval of baricitinib like Barclays only slapped a $135 target on the stock. This target raise came before the drug candidate ran into problems. Just no reason to rush into Incyte yet. Disclosure: Long GILD