I got a Cattleya as a gift and need help!

[Msuskie]

I received a Cattelya as a Christmas gift and definitely need some help. I am by no means a seasoned plant-grower, and am afraid I may have done damage. I definitely overwatered it in its first month of being with me - I have since backed off, but could I have done damage that can't be undone? I've had it since the end of December and it has not bloomed. The buds have gotten bigger and more color, but within the last 7-10 days the buds have drooped and now have brown spots on them. Is there any hope?