NEW YORK (TheStreet) -- Shares of Juno Therapeutics Inc  (JUNO) were rising, up 4.11% to $53.44 on heavy volume in late morning trading Thursday, after the company had coverage initiated by analysts at Maxim Group.

The company had coverage started with a "buy" rating.

Analysts at the firm issued a price target of $78, which represents roughly an upside of 52% from current levels.

"In time, we expect Juno to show success in solid tumors, perhaps through armored CARs or in combination with one of the other technologies," the firm wrote in a note.

"As such, we believe the valuation is reasonable given the value of the total platform, how quickly proof of concept can be demonstrated, and the large number and diverse nature of the company's current programs," Maxim added.

About 2.56 million shares have changed hands as of 11:30 a.m. ET today, compared to its average trading volume of about 1.73 million shares a day.

Seattle, Wash.-based Juno Therapeutics is a biopharmaceutical company that is developing cell-based cancer immunotherapies.

Its programs are based on its chimeric antigen receptor and T cell receptor technologies to genetically engineer T cells to recognize and kill cancer cells.

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