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Shares of Eli Lilly closed down more than 4 percent April 17 after the Food and Drug Administration rejected its drug to treat rheumatoid arthritis, according to CNBC.

Shares of Incyte, Lilly’s partner on the drug, baricitinib, closed down nearly 11 percent. Wall Street analysts believed the treatment would have generated more than $1 billion in sales by 2020 if it had been approved, according to Bloomberg data.

Analysts at BMO Capital Markets downgraded Lilly’s stock to underperform from market perform and lowered their price target on the shares to $71 from $73. The analysts called baricitinib’s rejection a “surprising, and significant, setback for Lilly.”

“Overall, we highly doubt that the stated FDA concerns could be addressed without new clinical trials; therefore, we believe the timing for Bari’s U.S. RA launch is most likely pushed back at least three years,” BMO said in a Monday note, adding it lowered its 2017 global sales forecast on the company to $1.6 billion from $2.2 billion.

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