J.P. Morgan Provides Takeaways on Juno Therapeutics Inc (JUNO) Following Meeting with Management
Shares of Juno Therapeutics Inc (NASDAQ:JUNO) closed yesterday up 15% following the announcement of the company’s collaboration with Celgene Corporation. In response, J.P. Morgan analyst Cory Kasimov came out with a research report on the stock after hosting a lunch in Boston with the company’s CEO, Hans Bishop and CFO, Steve Harr. The analyst maintained an Overweight rating on the stock with a price target of $83.00, which represents a 56% upside for the stock.
Kasimov noted, “Overall not much meaningfully new came out of the discussion, which focused largely on the potential of JUNO’s platform and future directions as the company works to improve cell persistence and enter the solid tumor space. On the CELG deal, JUNO largely reiterated comments from last night’s conference call, underscoring that this amount of capital (recall CELG will pay JUNO $1B) can really be transformative. Management also highlighted the “importance of being broad” to remain competitive, pointing to the focus on continued BD and the access to some of CELG’s pipeline as important for future success. A few additional takeaways from the meeting are provided below.”
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 14.0% and a 61.3% success rate. Kasimov has a 4.7% average return when recommending JUNO, and is ranked #206 out of 3683 analysts.