Shares of the biopharmaceutical firm Juno Therapeutics Inc. (JUNO) were climbing 11% higher during Tuesday morning trading after its stock was upgraded at Wedbush to "Outperform" from "Neutral" with a $42 price target.
The upgrade follows Gilead's (GILD) - Get Gilead Sciences, Inc. Report proposed $12 billion acquisition Kite Pharma (KITE) which Wedbush analyst David Nierengarten contends will raise awareness and spending encompassing CAR-T therapies just in time for Juno's treatment to hit the market in late 2018 or early 2019.
Nierengarten sees Juno's pipeline as it relates to hematologic malignancie treatments will generate peak U.S. sales of $2 billion.
More of What's Trending on TheStreet:
- United Airlines Will Feel Hurricane Harvey's Impact - How Brutal Will It Be?
- European Supermarket Stocks Extend Declines After Amazon Cuts Whole Foods Prices
- Here Are the Benefits Amazon Prime Members Will Get at Whole Foods
- Amazon Will Leave Carnage as It Steamrolls Through Grocery Industry
- Apple Stock Upgraded at Cleveland on Strong Demand for iPhone, HomePod, Watch