Zacks Investment Research downgraded shares of Jounce Therapeutics (NASDAQ:JNCE) from a buy rating to a hold rating in a research note released on Friday.

According to Zacks, “Jounce Therapeutics, Inc. is a clinical-stage immunotherapy company. It engaged in developing therapies which enable the immune system to attack tumors. The Company’s lead product candidate, JTX-2011, is a clinical-stage monoclonal antibody that binds to and activates the Inducible T cell CO-Stimulator, a protein on the surface of certain T cells found in a range of solid tumors. It also developing JTX-4014 for use in future combinations with JTX-2011, as well as for use in combination with other future product candidates. Jounce Therapeutics, Inc. is based in Cambridge, United States. “

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Jounce Therapeutics from a neutral rating to an underweight rating in a research note on Tuesday, November 13th. Raymond James lowered their target price on shares of Jounce Therapeutics from $13.00 to $12.00 and set an outperform rating on the stock in a research note on Tuesday, October 23rd. Cowen restated a hold rating on shares of Jounce Therapeutics in a research note on Tuesday, November 13th. Finally, HC Wainwright set a $13.00 target price on shares of Jounce Therapeutics and gave the company a buy rating in a research note on Wednesday, November 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Jounce Therapeutics currently has a consensus rating of Hold and an average target price of $11.67.

Shares of Jounce Therapeutics stock opened at $4.22 on Friday. The stock has a market capitalization of $138.00 million, a P/E ratio of -7.40 and a beta of 3.80. Jounce Therapeutics has a 1 year low of $2.66 and a 1 year high of $29.25.

Jounce Therapeutics (NASDAQ:JNCE) last announced its quarterly earnings results on Tuesday, November 13th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.11. The company had revenue of $14.53 million for the quarter, compared to analysts’ expectations of $12.80 million. Jounce Therapeutics had a negative net margin of 59.74% and a negative return on equity of 29.58%. On average, analysts expect that Jounce Therapeutics will post -1.13 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JNCE. Schwab Charles Investment Management Inc. increased its position in shares of Jounce Therapeutics by 20.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 47,951 shares of the company’s stock valued at $368,000 after purchasing an additional 8,103 shares during the last quarter. BlackRock Inc. increased its position in shares of Jounce Therapeutics by 22.2% during the 2nd quarter. BlackRock Inc. now owns 1,394,905 shares of the company’s stock valued at $10,684,000 after purchasing an additional 253,120 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Jounce Therapeutics by 186.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 314,831 shares of the company’s stock valued at $2,412,000 after purchasing an additional 204,762 shares during the last quarter. Bank of America Corp DE increased its position in shares of Jounce Therapeutics by 243.4% during the 2nd quarter. Bank of America Corp DE now owns 28,607 shares of the company’s stock valued at $219,000 after purchasing an additional 20,276 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Jounce Therapeutics by 91.6% during the 2nd quarter. Millennium Management LLC now owns 679,177 shares of the company’s stock valued at $5,202,000 after purchasing an additional 324,681 shares during the last quarter. 82.69% of the stock is owned by hedge funds and other institutional investors.

About Jounce Therapeutics

Jounce Therapeutics, Inc, a clinical stage immunotherapy company, develops therapies for the treatment of cancer. Its lead product candidate is JTX-2011, a clinical stage monoclonal antibody that binds to and activates the inducible T cell co-stimulator, a protein on the surface of certain T cells found in solid tumors, which is in Phase I/II clinical trial for the treatment of six tumor types, including head and neck squamous cell cancer, non-small cell lung cancer, triple negative breast cancer, melanoma, gastric cancer, and other tumor types identified through its translational science platform.

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