JNCE - Jounce Therapeutics downgraded to market perform at Raymond James on company restructuring

• Raymond James has downgraded Jounce Therapeutics ( NASDAQ: JNCE ) to market perform from outperform saying that the biotech's Wednesday announcement of a restructuring has led to removal of revenue estimates.
• The firm also removed its price target.
• Analyst Steven Seedhouse said that the company's disclosure Wednesday that data from two studies of phase 2 assets JTX-8064 and vopratelimab so far has not "demonstrated clinical activity sufficient to create the value necessary for Jounce to independently advance these programs" is not encouraging.
• Adding to his concerns is that it seems that the company will unload its ICOS and ILT4 programs.
• Jounce is rallying Thursday following a merger with U.K.-based Redx Pharma .

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