Juno Therapeutics (JUNO) Stock Coverage Initiated at Barclays
NEW YORK (TheStreet) -- Juno Therapeutics (JUNO) stock coverage was initiated this morning at Barclays with an "equal weight" rating and a $48 price target.
The coverage comes as the Seattle-based bio-pharmaceutical company is involved in the research and development of CAR T (chimeric antigen receptor T lymphocytes)/cellular immunotherapy, whose potential utility and value "will ultimately expand beyond the current target oncology settings," according to the analyst note
While Barclays sees "considerable long-term upside potential" for CAR T, it gave Juno a cautious rating because of potential headwinds over the next 12 months as it seeks FDA approval for the cellular cancer therapy. "Potential hiccups in first-round approvals/launches could shake confidence," the firm noted.
Additionally, CAR T therapy is expected to cost more than $200,000 and "any unexpected pushbacks on reimbursement" could also shake investor confidence.
Juno shares are lower by 1% to $39.20 in late-morning trading.
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