Jounce (JNCE) Up 41% on Buyout Offer From Concentra Biosciences

Zacks2023-03-16

Shares of Jounce Therapeutics JNCE were up 40.6% on Mar 15 after management announced that Concentra Biosciences (“Concentra”) had made an unsolicited and non-binding proposal to acquire the company’s...

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The shareholders will also receive a contingent value right (“CVR”) which is a right to receive 80% of the net proceeds payable from any license or disposition of certain of Jounce’s legacy programs.\nThis proposal is subject to limited confirmatory due diligence and is based on the assumption of at least $130 million in cash and cash equivalents at closing.\nTang Capital Partners is a controlling shareholder in Concentra while it owns around 10.2% stake in Jounce.\nIn the year so far, shares of Jounce have risen 34.2% against the industry’s 0.5% fall.\nImage Source: Zacks Investment Research\nThe proposal comes weeks after management announced certain restructuring activities the company is undertaking to curb cash burn. Last month, Jounce announced that it would reduce its workforce by around 57% to advance the clinical development of its pipeline. These activities are being undertaken by the company as it lacks the resources needed to advance its pipeline development.\nAlongside the workforce reduction decision, JNCE’s board of directors unanimously recommended a business combination with Redx Pharma via a proposed all share merger transaction. The combined entity will be referred to as “Redx Inc.” whose shares will be traded on the NASDAQ under the ticker symbol as REDX. The transaction was expected to close in second-quarter 2023. This combined company is expected to be worth $425 million in market value. Once the merger is completed, Jounce’s shareholders will own approximately 37% of share capital of the combined entity.\nFollowing the completion of the transaction, the combined entity will focus on developing Redx’s RXC007, a next-generation selective ROCK2 inhibitor that is being evaluated in a mid-stage study for treating idiopathic pulmonary fibrosis (IPF). Jounce’s clinical programs will not be pursued in-house beyond the currently ongoing studies.\nHowever, the offer by Concentra has raised uncertainty over closing of the Redx merger.\n\nJounce Therapeutics, Inc. Price\n\nJounce Therapeutics, Inc. price | Jounce Therapeutics, Inc. Quote\n\n \nZacks Rank & Stocks to Consider\nJounce Therapeutics currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the overall healthcare sector includeAdaptive Biotechnologies Corporation ADPT, CRISPR Therapeutics CRSP and EQRx EQRX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nEstimates for Adaptive Biotechnologies’ 2023 loss per share have narrowed from $1.30 to $1.15 in the past 30 days. During the same period, the loss per share estimates for 2024 have narrowed from 99 cents to 94 cents. Shares of Adaptive Biotechnologies have risen 7.6% year-to-date.\nEarnings of Adaptive Biotechnologies beat estimates in three of the last four quarters and missed the mark on one occasion, the average surprise being 10.75%. In the last reported quarter, ADPT delivered an earnings surprise of 24.32%.\nIn the past 30 days, estimates for CRISPR Therapeutics’ 2023 loss per share have narrowed from $8.21 to $7.54. Shares of CRISPR Therapeutics have risen 10.5% in the year-to-date period.\nEarnings of CRISPR Therapeutics beat estimates in two of the last four quarters while missing the mark on the other two occasions, witnessing an earnings surprise of 3.19%, on average. In the last reported quarter, CRISPR Therapeutics’ earnings beat estimates by 39.22%.\nIn the past 30 days, estimates for EQRx’s 2023 loss per share have narrowed from 66 cents to 63 cents. In the year so far, shares of EQRx have declined 15.0%.\nEarnings of EQRx beat estimates in each of the last four quarters, witnessing an earnings surprise of 34.99%, on average. In the last reported quarter, EQRx’s earnings beat estimates by 73.68%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nAdaptive Biotechnologies Corporation (ADPT) : Free Stock Analysis Report\nCRISPR Therapeutics AG (CRSP) : Free Stock Analysis Report\nJounce Therapeutics, Inc. (JNCE) : Free Stock Analysis Report\nEQRx, Inc. (EQRX) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2320514367"}