Jounce downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Jounce Therapeutics to Market Perform from Outperform without a price target. The company is restructuring with a 57% workforce reduction and noted JTX-8064 did not demonstrate clinical activity "sufficient to create the value necessary for Jounce to independently advance these programs to the next stage of development," the analyst tells investors in a research note. The firm says it is "over for the constructive thesis on JTX-8064."