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CELG

Celgene

$102.65

0.93 (0.91%)

, JUNO

Juno Therapeutics

$67.81

-3.56 (-4.99%)

11:25
01/22/18
01/22
11:25
01/22/18
11:25

Celgene, Juno deal 'smart' if more than JCAR017 plays out, says Jefferies

Following the announced acquisition of Juno Therapeutics (JUNO) by Celgene (CELG), Jefferies analyst Michael Yee notes that in the short term, the Street will debate whether pivotal Juno data coming will look better than Kite's (GILD) Yescarta and whether JCAR17 is truly differentiated. Longer-term, the analyst believes this is a deal hinged on Celgene's confidence in going "all in" on cell therapy over the next 5-10 years. Like Gilead/Kite, this will be a "smart deal" if more than just JCAR17 plays out, he contends, adding that he thinks it will over next few years. Yee reiterates a Buy rating and $125 price target on Celgene's shares.

CELG

Celgene

$102.65

0.93 (0.91%)

JUNO

Juno Therapeutics

$67.81

-3.56 (-4.99%)

GILD

Gilead

$80.98

-0.19 (-0.23%)

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CELG Celgene
$102.65

0.93 (0.91%)

01/17/18
WELS
01/17/18
NO CHANGE
Target $63
WELS
Market Perform
Juno Therapeutics price target raised to $63 from $54 at Wells Fargo
Wells Fargo analyst Jim Birchenough raised his price target for Juno Therapeutics (JUNO) to $63 from $54 following a press report of potential acquisition interest by cell therapy partner Celgene (CELG). The analyst reiterates a Market Perform on Juno's shares.
01/17/18
CANT
01/17/18
NO CHANGE
CANT
Celgene acquisition of Juno 'doable' but questionable, says Cantor
Cantor Fitzgerald analyst Mara Goldstein maintained a Neutral rating and $112 price target on Celgene Corporation (CELG), noting that Celgene is reportedly in talks to buy the 90% of Juno Therapeutics (JUNO) that it does not already own. While Goldstein sees this potential acquisition as "doable," she questions whether it is "likely to provide a material enough offset near term to fully allay concerns regarding REVLIMID's patent expiration." In afternoon trading, Celgene shares have declined over 2.5%, while Juno shares have shot up over 49%.
01/18/18
SBSH
01/18/18
DOWNGRADE
Target $81
SBSH
Neutral
Citi downgrades Juno to Neutral, says potential takeover priced in
Citi analyst Robyn Karnauskas last night downgraded Juno Therapeutics (JUNO) to Neutral from Buy while raising her price target for the shares to $81 from $59. Juno closed yesterday up 52%, or $23.65, to $69.25 after the Wall Street Journal reported that Celgene (CELG) is in talks to acquire the company. When the story broke, Karnauskas said in a research note that Juno could be worth $110 per share in a takeover. She believes, however, that for Celgene, a deal makes sense in the $80-$85 per share range. The analyst expects Juno to trade with an M&A premium at $81 per share. With the recent 49% jump in shares, and the stock now trading within 17% of our takeover price, Karnauskas tells investors in a research note.
01/22/18
PIPR
01/22/18
NO CHANGE
PIPR
Neutral
Celgene set high bar for Juno deal, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond believes the acquisition of Juno Therapeutics (JUNO) makes good strategic sense for Celgene (CELG). The analyst, however, believes Celgene set a "relatively high" bar by guiding to peak revenue of $3B for lead candidate JCAR017 in non-Hodgkin lymphoma. Raymond keeps a Neutral rating on Celgene shares.
JUNO Juno Therapeutics
$67.81

-3.56 (-4.99%)

01/18/18
01/18/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Symantec (SYMC) downgraded to Underperform from Hold at Jefferies with analyst John DiFucci saying the company's current guidance is not achievable and the stock will rerate lower upon investor realization. 2. Juno Therapeutics (JUNO) downgraded to Neutral from Buy at Citi with analyst Robyn Karnauskas saying Juno could be worth $110 per share in a takeover. 3. Comcast (CMCSA) downgraded to Neutral from Buy at Nomura Instinet with analyst Jeffrey Kvaal saying the company faces "heightened challenges" with over-the-top services driving declines in linear video and broadband growth likely to slow. 4. First Solar (FSLR) downgraded to Neutral from Buy at Guggenheim with analyst Sophie Karp citing valuation and limited near-term catalysts. 5. Chevron (CVX) downgraded to Hold from Buy at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/22/18
GUGG
01/22/18
DOWNGRADE
GUGG
Neutral
Juno Therapeutics downgraded to Neutral from Buy at Guggenheim
Juno Therapeutics (JUNO) is being acquired by Celgene (CELG) for $87 per share in cash.
GILD Gilead
$80.98

-0.19 (-0.23%)

01/05/18
NEED
01/05/18
INITIATION
Target $65
NEED
Buy
Juno Therapeutics initiated with a Buy at Needham
Needham analyst Chad Messer initiated Juno Therapeutics (JUNO) with a Buy rating and a price target of $65. Messer says that while Novartis (NVS) and Gilead (GILD) have reached the CAR-T technology market ahead of Juno, the latter is "developing safer and potentially better products", positioning itself with "best-in-class technology". The analyst believes that the selloff in the stock price since the December ASH conference creates an attractive near-term entry point for investors.
01/16/18
WELS
01/16/18
UPGRADE
Target $96
WELS
Outperform
Gilead upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jim Birchenough upgraded Gilead Sciences to Outperform and raised his price target for the shares to $96 from $84. Following management's update last week at a conference, the analyst expects more stable hepatitis C virus trends in 2018, "trough earnings" in 2019, and multiple expansion on growth beyond 2019.
01/16/18
SBSH
01/16/18
NO CHANGE
SBSH
Buy
Juno could be worth $110 per share in takeover, says Citi
After the Wall Street Journal reported tonight that Celgene (CELG) is in talks to acquire Juno Therapeutics (JUNO), Citi analyst Robyn Karnauskas says her analysis indicates Juno could be worth $110 per share in a takeover. The stock in after-hours trading jumped 43%, or $19.50, to $65.10. The analyst, however, points that Kite Pharma had more data at the time of acquisition and was acquired by Gilead Sciences (GILD) for an aggregate price of $11.9B. Karnauskas also notes that Celgene already downs 25% of June's revenues.
12/20/17
FBCO
12/20/17
UPGRADE
Target $385
FBCO
Outperform
Credit Suisse upgrades Biogen with 'significant turnaround' underway
Credit Suisse analyst Alethia Young upgraded Biogen (BIIB) to Outperform from Neutral and raised her price target for the shares to $385 from $321. The stock closed yesterday up $1.07 to $327.02. The analyst this morning also downgraded Gilead Sciences (GILD) to Neutral from Outperform. A "significant turnaround" is underway for Biogen's business, Young tells investors in a research note. With 2017's hires, the company now has a "top notch management back in place" to execute commercially and clinically, the analyst adds. If aducanumab is successful in Phase 3, Young's model puts Biogen shares at $455, versus $250-$280 per share if only giving credit to the base business alone without pipeline.

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