Juno Therapeutics, Inc. (NASDAQ: JUNO) stock rose over 5% on November 15th, 2017 (As of 11:57AM EST; Source: Google finance) driven by the analyst upgrade. The analysts at Raymond James Financial enhanced their price target to $61.00 as compared to their earlier target of $45.00. The firm issued an “outperform” rating on the stock. JUNO stock generated over 31.8% returns in the last four weeks while the stock almost doubled (99.3%) in the last three months.
The group’s Revenue for the three and nine months ended September 30, 2017 reached $44.8 million and $85.4 million, against $20.8 million and $58.2 million for the three and nine months ended September 30, 2016, respectively. The performance was driven by the Novartis sublicense agreement. Moreover, the revenue recognized under their Celgene Collaboration Agreement and Celgene CD19 License improved against the prior year period. Juno also controlled their Net loss for the three and nine months ended September 30, 2017 to $118.1 million, or $1.12 per share, and $301.1 million, or $2.88 per share, from $56.9 million, or $0.56 per share and $192.8 million, or $1.91 per share, for the three and nine months ended September 30, 2016, respectively.
The group reported a positive potential best-in-class profile for JCAR017, while the clinical data supports their expectation that a defined cell product could improve patient outcomes. The group’s broad clinical development programs coupled with ongoing infrastructure and manufacturing investments are the major part of their strategy to deliver on the potential of CAR T cell therapies for cancer patients across a broad array of diseases.
The group has a Cash and equivalents, of $1.06 billion as of September 2017 from $801.8 million as of June 30, 2017, and $922.3 million as of December 31, 2016. Cash Used in Operating Activities reached $40.3 million while cash used for capital expenditures was $13.9 million.
The group forecasts a the lower half of 2017 cash burn guidance, which is cash used in operating activities and capital expenditures, excluding cash inflows or outflows from upfront payments related to business development activities, of between $270 million and $300 million.