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