H.C. Wainwright Releases a Buy Rating on Jounce Therapeutics Inc


H.C. Wainwright analyst Debjit Chattopadhyay assigned a Buy rating to Jounce Therapeutics Inc (NASDAQ: JNCE) today and set a price target of $19. The company’s shares opened today at $12.15, close to its 52-week low of $11.05.

Chattopadhyay commented:

“We were wrong, management’s choice of words during the 1Q18 update was an ominous signal. As discussed in our note published on during its 1Q18 business update call, management’s commentary and discussion around the ASCO abstract was less than comforting. Management’s reticence was adequately explained upon the release of the IONIC abstract after the markets close on May 16, 2018. The limited activity on show for JTX-2011, either as a monotherapy or when used in combination with Opdivo in gastric and TNBC, sent the stock down about 26% in after hours trading. With the damage done, a reactionary downgrade here would make little sense, in our view. However, based on the emerging data, we are eliminating gastric and TNBC from our model and lowering the probabilities in other tumor types, which lowers our 12-month target to $19 from $33.”

According to TipRanks.com, Chattopadhyay is a 3-star analyst with an average return of 2.9% and a 50.3% success rate. Chattopadhyay covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Mersana Therapeutics Inc, and Audentes Therapeutics.

Currently, the analyst consensus on Jounce Therapeutics Inc is Strong Buy and the average price target is $34, representing a 179.8% upside.

In a report issued on May 9, Cowen & Co. also maintained a Buy rating on the stock.

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The company has a one-year high of $29.25 and a one-year low of $11.05. Currently, Jounce Therapeutics Inc has an average volume of 380.3K.

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Jounce Therapeutics, Inc. develops and manufactures drugs and immunotherapies. It produces cancer immunotherapies designed to harness the immune system to seek out and attack cancerous cells and tumors.

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