J.P. Morgan analyst Cory Kasimov weighed in today with a few insights on Juno Therapeutics Inc (NASDAQ:JUNO), after the company announced a deal with Editas Medicine to gain access to the company’s CRISPR/Cas9 gene-editing technology. The analyst rates the stock an Overweight, with a price target of $66, which implies an upside of 41% from current levels.
Kasimov noted, “We continue to be encouraged by JUNO’s activity on the BD front as the company adds a variety of technological capabilities to its tech platform. On our recent conference call with management, JUNO noted it will continue to be active in aggregating technologies that could help it address the key issues in the CAR-T field: finding targets, overcoming the tumor microenvironment, cell populations and cell persistence. As such, we are not surprised by this morning’s announcement, and we expect the company will likely continue to be active in adding to its increasing spectrum of resources.”
Bottom line: “Our thesis is unchanged: while we think it is premature (and unnecessary) to pick a winner in these early innings of the CAR-T evolution, we believe JUNO’s multiple sources of technology/innovation (and continuing investment in expanding its platform) may prove to be a competitive advantage over time.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 12.7% and a 61.3% success rate. Kasimov has a -8.8% average return when recommending JUNO, and is ranked #277 out of 3607 analysts.