
Juno Therapeutics (JUNO) Stock Surges After FDA Lifts Clinical Hold
NEW YORK (TheStreet) -- Shares of Juno Therapeutics (JUNO) aresurging by 18.21% to $32.85 in early-morning trading on Wednesday, as the FDA lifted the clinical hold on the company's experimental treatment for leukemia (CAR T therapies) after only a few days.
The study was originally halted last week after two patients died from brain swelling, which Juno said was from a chemotherapy drug used in pretreatment, the New York Times reports.The FDA determined that Juno can continue the trial if the company stops use of the problem drug.
Additionally, the agency's green light on the trial led Barclays to raise its price target on Juno to $41 from $35 earlier today.
The fast approval "removes a substantial amount of the risk that drove our recently reduced price target," the firm said.
Barclays has never seen the FDA lift clinical hold on a trial in less than one week. "We believe this reflects both the FDA's familiarity and view of CAR T therapies and the dire need of the patients these products are being tested in."
While the firm raised its price target for the Seattle-based biopharma company, it maintained its "equal weight" rating due to some "potential development, manufacturing and regulatory headwinds."
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