BTIG Starts Juno Therapeutics (JUNO) at Sell
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BTIG initiated coverage on Juno Therapeutics (NASDAQ: JUNO) with a Sell rating and a price target of $23, implying downside of 28%. Analyst Dane Leone pointed out that the company's timeline trails competition.
"We are generally skeptical of current investor expectations for the CD19 CAR T market, given the limited datasets and potential competition from CD19 bi-specific antibodies. Our CD19 CAR T market model is below consensus sales expectations out to 2025E, and we are also below consensus revenue expectations for Juno specifically. Our Fair Value analysis for Juno supports a stock price of $23 per share, or ~28% below the current share price," said the analyst.
The analyst added, "Juno has the most robust CD19 CAR T datasets amongst its competitors, Kite (KITE, Neutral) and Novartis (NVS, Not Rated), but the company is behind timelines of both competitors for regulatory approval and commercialization. We expect ASH 2016 (December) to be a key stock catalyst, as Kite and Novartis may present their first pivotal CD19 datasets along with first data for JNJ’s (Johnson & Johnson, Neutral) CD19 bi-specific antibody."
Shares of Juno Therapeutics closed at $31.81 yesterday.
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