Piper Sandler analyst Edward Tenthoff lowered the firm’s price target on Jounce Therapeutics (JNCE) to $5 from $6 and keeps an Overweight rating on the shares. The analyst notes that Gilead (GILD) purchased outstanding rights and royalties to anti-CCR8 antibody GS-1811 for $67 million. He estimates Jounce holds pro forma cash of about $212 million, and presently trades at a negative $155 million enterprise value. Tenthoff wants to own Jounce’s shares ahead of Phase II INNATE data on LILRB2 antibody JTX-8064 in the first half of 2023.
Published first on TheFly
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