Juno Therapeutics Inc (NASDAQ:JUNO) shares rose nearly 4% today after the journal Science Translational Medicine published a paper that showed encouraging results for patients in a trial for a drug similar to one Juno is developing for a blood cancer treatment.

However, BTIG analyst Dane Leone remains bearish, reiterating a Sell rating on JUNO, with a price target of $23, which implies a downside of 22% from current levels.

Leone noted, “The paper did not yield much regarding incremental data comparability to other CD19 CAR T products, but did highlight some interesting points regarding CAR T manufacturing and biomarkers for patient toxicity. The paper does not alter our Sell rating on Juno or $23 Price Target, but is an incremental positive that the company is on the right track of a consistent manufacturing process for Non-Hodgkin’s Lymphoma (NHL).”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Dane Leone has a yearly average return of 9.0% and a 72% success rate. Leone has a 8.6% average return when recommending JUNO, and is ranked #243 out of 4147 analysts.

Out of the 8 analysts polled by TipRanks (in the past 3 months), 4 rate Juno Therapeutics stock a Buy, 3 rate the stock a Hold and 1 recommends a Sell. With a return potential of 46%, the stock’s consensus target price stands at $45.90.