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.
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- Gilead To Acquire All Remaining Rights To Potential First-In-Class Immunotherapy GS-1811 From Jounce Therapeutics
- Gilead to buy remaining rights for GS-1811 from Jounce Therapeutics for $67M
- Jounce Therapeutics presents INNATE Phase 1, SELECT trial data
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