Juno Therapeutics Inc (NASDAQ:JUNO), a biopharmaceutical company focused on re-engaging the body’s immune system to revolutionize the treatment of cancer, today announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended, in connection with the global collaboration agreement executed by the company on June 29, 2015 with Celgene for the development and commercialization of immunotherapies.
With the early termination of the applicable waiting period under the HSR Act, the global collaboration agreement with Celgene became effective on July 31, 2015. Celgene will make an initial payment of approximately $1 billion, composed of an approximately $150 million upfront payment and approximately $849.8 million to purchase 9,137,672 shares of Juno’s common stock at $93.00 per share. The sale of shares was made pursuant to the terms of the Share Purchase Agreement entered into June 29, 2015, by and among Juno, Celgene Corporation, and Celgene RIVOT Ltd., as previously reported by Juno.
Additional details regarding the collaboration can be found in Juno’s Form 8-K filed with the Securities and Exchange Commission on June 29, 2015. (Original Source)
Shares of Juno Therapeutics closed yesterday at $46.5. JUNO has a 1-year high of $62.50 and a 1-year low of $34.71. The stock’s 50-day moving average is $50.76 and its 200-day moving average is $50.72.
On the ratings front, Juno has been the subject of a number of recent research reports. In a report issued on July 31, Maxim Group analyst Jason McCarthy maintained a Buy rating on JUNO, with a price target of $78, which implies an upside of 67.7% from current levels. Separately, on June 30, J.P. Morgan’s Cory Kasimov reiterated a Buy rating on the stock and has a price target of $83.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Cory Kasimov have a total average return of 1.4% and 13.2% respectively. McCarthy has a success rate of 41.2% and is ranked #2197 out of 3724 analysts, while Kasimov has a success rate of 58.6% and is ranked #253.
Juno Therapeutics Inc is a biopharmaceutical company. The Company is engaged in revolutionizing medicine by re-engaging the body’s immune system to treat cancer.