JNCE - Jounce Therapeutics initiated at outperform at SMBC Nikko; sees 147% upside

SMBC Nikko has initiated shares of Jounce Therapeutics (JNCE +3.2%) with an outperform rating due to the promise of its lead immuno-oncology candidate, JTX-8064. JTX-8064 is an anti-Leukocyte Immunoglobulin Like Receptor B2 (LILRB2)/ILT4 antibody for solid tumors currently in phase 1/2. The candidate is under investigation as monotherapy and in combination with pimivalimab, the company's PD-1 inhibitor. The firm has a $17 price target (~147% upside based on Tuesday's close). Analyst David Dai said that although many investors have stayed away from Jounce (JNCE +3.2%) following the failure of its lead program, voprotelimab, in a phase 1 trial in 2018, the company has expertise in drug discovery for immuno-oncology targets. Read why Seeking Alpha contributor Biologics considers Jounce (JNCE +3.2%) a strong buy.

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Jounce Therapeutics initiated at outperform at SMBC Nikko; sees 147% upside