J.P. Morgan analyst Cory Kasimov weighed in with a research report on Juno Therapeutics Inc (NASDAQ:JUNO), reiterating an Overweight rating on the stock, and reducing the price target to $70 (from $83), after the company released its second-quarter results. The new price target reflects slightly increased GAAP expense assumptions, further refinements for the CELG collab, and adjusted accounting for the success based payments.
Kasimov wrote, “Not much new came out of the call; the co reviewed progress made during the Q including its recent collab with CELG. Previous 2015 cash burn guidance of $125-150M (excluding BD inflows/outflows and litigation expenses) was reiterated, though is expected to be towards the higher end.”
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 7.4% and a 49.3% success rate. Kasimov has a -16.7% average return when recommending JUNO, and is ranked #626 out of 3734 analysts.
Out of the 3 analysts polled by TipRanks, 2 rate Juno Therapeutics stock a Buy, while 1 rates the stock a Hold. With a return potential of 53.9%, the stock’s consensus target price stands at $64.