JNCE - Jounce downgraded to outperform at Raymond James on timing for data on immunotherapy

• Raymond James has downgraded Jounce Therapeutics ( NASDAQ: JNCE ) to outperform from strong buy as full phase 2 data on immunotherapy JTX-2064 now won't be available until H1 2023, instead of the end of this year.
• The firm also lowered its price target to $3 from $16 (~156% upside based on Thursday's close).
• Analyst Steven Seedhouse said that while management noted the delay isn't for competitive reasons, he lowered his probability of success for the candidate to 60% from 75%.
• "The fact JNCE believes stage 2 success may still be achieved keeps us optimistic the mechanism will prove active and 1H23 data could still be good," he wrote.
• Seeking Alpha's Quant Rating views Jounce ( JNCE ) as a strong sell.

For further details see: