In a research report released Friday, FBR analyst Edward White reiterated an Outperform rating on shares of Juno Therapeutics (NASDAQ:JUNO), with a price target of $61, after the cancer-drug maker reported second-quarter results and hosted a conference call yesterday, where the main focus was the progress JUNO made on its pipeline during the quarter, following the removal of the clinical hold on the ROCKET trial.
White wrote, “We remain focused on the new data from the ROCKET study. Development of JCAR017 was unaffected by the clinical hold and is progressing as expected. Preliminary safety and efficacy data from the Phase I study with JCAR017 in patients with non-Hodgkin’s lymphoma (NHL) were positive. A Phase I/II study in pediatric and young adult patients is currently ongoing.”
Overall, “We remain optimistic about Juno’s corporate development and remain focused on the clinical pipeline. We look forward to seeing data from Juno’s clinical programs through the rest of the year including presentations at the American Society of Hematology (ASH) meeting.”
As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Edward White has a yearly average return of -0.2% and a 45% success rate. White has a -23.3% average return when recommending JUNO, and is ranked #2788 out of 4090 analysts.
Out of the 12 analysts polled by TipRanks, 8 rate Juno Therapeutics stock a Buy, while 4 rate the stock a Hold. With a return potential of 57.5%, the stock’s consensus target price stands at $50.11.
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