BTIG Starts Juno Therapeutics (JUNO) at Sell
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Starts Xenon Pharmaceuticals (XENE) at Buy
- PayPal (PYPL) PT Lifted to $48 at Mizuho Following Solid Q3
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!