Biotech rivals Kite Pharma (KITE) and Juno Therapeutics (JUNO) were up Tuesday after FBR issued a bullish response to their presentations at the American Society of Hematology (ASH) conference. Analyst Ed White lifted his price target on Kite stock to 72 from 65, though he retained his rating of market perform. He made the change Monday afternoon after Kite released an update on its phase-one trial of its treatment KTE-C19 for diffuse large B-cell
Shares of biotech startup Juno Therapeutics rose as much as 29% Tuesday, and closed up 15%, as analysts weighed in on its $1 billion deal with Celgene announced late Monday. Celgene (CELG) agreed to pay $150 million upfront and buy 9.1 million Juno Therapeutics (JUNO) shares at 93 each — more than double Monday’s closing price — for $850 million. In exchange, Celgene gets the option to license Juno’s two leading chimeric antigen receptor (CAR) T cell
Big-cap biotech Celgene (CELG) said late Monday that it’s investing more than $1 billion in a partnership with startup Juno Therapeutics (JUNO), sending the latter’s stock soaring 35% in after-hours trading. Celgene will buy 9.1 million Juno shares for $1 billion and has the option to buy up to 30% of Juno’s total stock over the course of the 10-year collaboration. It will also make an upfront payment of $150 million in cash. Celgene will be