JNCE - Jounce Therapeutics slides after Baird pulls bullish view on JTX-8064 concerns

Jounce Therapeutics (NASDAQ:JNCE) is down 19%, Wednesday, after Robert W. Baird downgraded its rating to Neutral from Outperform over incrementally more cautious stance on biotech's priority asset JTX-8064, a monoclonal antibody undergoing studies for patients with a certain type of tumor. The research firm lowered its price target on JNCE to $7, down from prior $15. Analyst Colleen Kusy views the expansion of the first two INNATE cohorts for JTX-8064 as encouraging, but says it is still too early to assess efficacy. "Further, recent moves from competitor Merck (MRK) for its ILT4 program have a "mixed/negative read-through" to Jounce," added Kusy. The analyst says that while Jounce shares have sold off along with the overall biotech market over the last month, she's moving to the sidelines due to  take on JTX-8064. The rating falls just on the flip side of Raymond James bullish stance as analysts led by Steven Seedhouse argues that

For further details see:

Jounce Therapeutics slides after Baird pulls bullish view on JTX-8064 concerns