Recent Insider Transactions Derivative • Apr 08
President notifies of intention to sell stock Richard Murray intends to sell 52k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of April. If the sale is conducted around the recent share price of US$1.85, it would amount to US$95k. For the year to December 2016, Richard's total compensation was 18% salary and 82% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, Richard's direct individual holding has decreased from 273.08k shares to 142.17k. Company insiders have collectively sold US$95k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 11
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$0.98 loss per share (improved from US$1.82 loss in FY 2021). Revenue: US$82.0m (up 205% from FY 2021). Net loss: US$50.9m (loss narrowed 44% from FY 2021). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 51%. Revenue is expected to decline by 180% p.a. on average during the next 2 years, while revenues in the Biotechs industry in the US are expected to grow by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 24
Consensus revenue estimates increase by 76% The consensus outlook for revenues in fiscal year 2022 has improved. 2022 revenue forecast increased from US$18.7m to US$32.8m. Forecast losses expected to reduce from -US$2.17 to -US$1.90 per share. Biotechs industry in the US expected to see average net income decline 79% next year. Consensus price target of US$6.67 unchanged from last update. Share price rose 3.6% to US$1.14 over the past week. Price Target Changed • Feb 24
Price target increased by 8.9% to US$6.75 Up from US$6.20, the current price target is an average from 4 analysts. New target price is 514% above last closing price of US$1.10. Stock is down 85% over the past year. The company is forecast to post a net loss per share of US$1.90 next year compared to a net loss per share of US$1.82 last year. Recent Insider Transactions Derivative • Jan 13
President notifies of intention to sell stock Richard Murray intends to sell 45k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of January. If the sale is conducted around the recent share price of US$1.14, it would amount to US$51k. For the year to December 2016, Richard's total compensation was 18% salary and 82% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Richard has owned 273.08k shares directly. Company insiders have collectively sold US$95k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jan 13
President recently sold US$50k worth of stock On the 10th of January, Richard Murray sold around 45k shares on-market at roughly US$1.11 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Annonce • Jan 06
Jounce Therapeutics Receives A Deficiency Letter from Nasdaq Regarding Minimum Bid Price Requirement for Continued Inclusion on the Nasdaq Global Select Market On December 29, 2022, Jounce Therapeutics, Inc. ("the Company"), received a deficiency letter from the Listing Qualifications Department ("the Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's common stock, par value $0.001 per share (the Common Stock"), had closed below the $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) ("the Bid Price Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the Compliance Period Rule"), the Company has been provided a period of 180 calendar days, or until June 27, 2023 (the Compliance Date"), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the bid price for the Common Stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the Bid Price Requirement, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible to extend the compliance period for an additional 180 calendar days. To qualify, the Company would need to transfer the listing of the Common Stock to Nasdaq Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the Bid Price Requirement. To effect such a transfer, the Company would also need to pay an application fee to Nasdaq and will need to provide written notice to the Staff of its intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. As part of its review process, the Staff will make a determination of whether it believes the Company will be able to cure this deficiency. Should the Staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit an application for transfer to the Nasdaq Capital Market or notify the Staff of its intention to cure the deficiency, the Staff will provide written notification to the Company that the Common Stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Listing Qualifications Panel (the Panel"). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful. The Company intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement, which could include seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement. Major Estimate Revision • Jan 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$7.50m to US$6.00m. EPS estimate unchanged at -US$2.40 per share. Biotechs industry in the US expected to see average net income decline 82% next year. Consensus price target down from US$6.20 to US$6.00. Share price rose 51% to US$1.11 over the past week. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$9.17m to US$6.00m. EPS estimate increased from -US$2.43 to -US$2.35 per share. Biotechs industry in the US expected to see average net income decline 94% next year. Consensus price target down from US$11.00 to US$8.20. Share price fell 51% to US$0.98 over the past week. Price Target Changed • Nov 16
Price target decreased to US$8.20 Down from US$11.00, the current price target is an average from 5 analysts. New target price is 712% above last closing price of US$1.01. Stock is down 89% over the past year. The company is forecast to post a net loss per share of US$2.40 next year compared to a net loss per share of US$1.82 last year. Major Estimate Revision • Nov 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$9.17m to US$3.75m. EPS estimate increased from -US$2.43 to -US$2.39 per share. Biotechs industry in the US expected to see average net income decline 62% next year. Consensus price target down from US$11.00 to US$8.20. Share price fell 40% to US$1.18 over the past week. Price Target Changed • Aug 06
Price target decreased to US$12.83 Down from US$13.83, the current price target is an average from 7 analysts. New target price is 208% above last closing price of US$4.16. Stock is down 20% over the past year. The company is forecast to post a net loss per share of US$2.37 next year compared to a net loss per share of US$1.82 last year. Price Target Changed • May 23
Price target decreased to US$14.00 Down from US$15.57, the current price target is an average from 9 analysts. New target price is 201% above last closing price of US$4.65. Stock is down 42% over the past year. The company is forecast to post a net loss per share of US$2.44 next year compared to a net loss per share of US$1.82 last year. Major Estimate Revision • May 12
Consensus revenue estimates fall by 87% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$21.3m to US$2.86m. Forecast losses increased from -US$2.05 to -US$2.58 per share. Biotechs industry in the US expected to see average net income decline 44% next year. Consensus price target down from US$16.75 to US$16.29. Share price fell 18% to US$4.29 over the past week. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: US$0.72 loss per share (down from US$0.58 loss in 1Q 2021). Revenue: US$0 (down 100% from 1Q 2021). Net loss: US$37.4m (loss widened 41% from 1Q 2021). Profit margin: (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 61% compared to a 41% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to US$15.57 Up from US$14.50, the current price target is an average from 8 analysts. New target price is 156% above last closing price of US$6.08. Stock is down 37% over the past year. The company is forecast to post a net loss per share of US$2.05 next year compared to a net loss per share of US$1.82 last year. Price Target Changed • Mar 17
Price target increased to US$15.57 Up from US$14.50, the current price target is an average from 8 analysts. New target price is 113% above last closing price of US$7.32. Stock is down 35% over the past year. The company is forecast to post a net loss per share of US$2.05 next year compared to a net loss per share of US$1.82 last year. Major Estimate Revision • Mar 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$19.1m to US$21.3m. EPS estimate unchanged at -US$2.05. Biotechs industry in the US expected to see average net income decline 38% next year. Consensus price target of US$15.33 unchanged from last update. Share price rose 7.8% to US$7.22 over the past week. Reported Earnings • Mar 04
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$1.82 loss per share (down from US$1.24 loss in FY 2020). Revenue: US$26.9m (down 57% from FY 2020). Net loss: US$90.9m (loss widened 107% from FY 2020). Products in clinical trials Phase I: 1 Phase II: 3 Revenue missed analyst estimates by 31%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the next year, revenue is expected to shrink by 96% compared to a 71% growth forecast for the pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jan 14
President recently sold US$257k worth of stock On the 10th of January, Richard Murray sold around 37k shares on-market at roughly US$6.88 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jan 11
President notifies of intention to sell stock Richard Murray intends to sell 34k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of January. If the sale is conducted around the recent share price of US$8.35, it would amount to US$281k. For the year to December 2020, Richard's total compensation was 28% salary and 72% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2021, Richard's direct individual holding has decreased from 222.87k shares to 91.53k. Company insiders have collectively sold US$1.6m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Sep 14
Price target decreased to US$14.50 Down from US$16.03, the current price target is an average from 8 analysts. New target price is 100% above last closing price of US$7.24. Stock is down 34% over the past year. Major Estimate Revision • Aug 06
Consensus revenue estimates increase to US$47.4m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from US$25.8m to US$47.4m. Forecast losses expected to reduce from -US$1.80 to -US$1.49 per share. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target of US$15.43 unchanged from last update. Share price rose 3.4% to US$5.21 over the past week. Major Estimate Revision • Jun 17
Consensus revenue estimates increase to US$25.8m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from US$22.2m to US$25.8m. Forecast losses expected to reduce from -US$1.93 to -US$1.87 per share. Biotechs industry in the US expected to see average net income decline 5.1% next year. Consensus price target of US$16.03 unchanged from last update. Share price was steady at US$7.38 over the past week. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$54.5m to US$15.6m. EPS estimate increased from -US$1.98 to -US$1.93 per share. Biotechs industry in the US expected to see average net income decline 8.7% next year. Consensus price target of US$16.00 unchanged from last update. Share price fell 20% to US$7.46 over the past week. Recent Insider Transactions Derivative • Apr 02
Chief Medical Officer exercised options and sold US$82k worth of stock On the 31st of March, Elizabeth Trehu exercised 14k options at a strike price of around US$4.02 and sold these shares for an average price of US$10.09 per share. This trade did not impact their existing holding. Since June 2020, Elizabeth's direct individual holding has increased from 34.53k shares to 93.59k. Company insiders have collectively sold US$1.9m more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Mar 12
New 90-day high: US$13.87 The company is up 109% from its price of US$6.65 on 11 December 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 1.0% over the same period. Major Estimate Revision • Mar 04
Analysts increase revenue estimates to US$54.5m The 2021 consensus revenue estimate increased from US$43.2m. Earning per share (EPS) estimate also saw an improvement, with analysts raising their estimates from -US$1.62 to -US$1.43 for the same period. The Biotechs industry in the US is expected to see an average net income growth of 3.5% next year. The consensus price target increased from US$9.88 to US$15.00. Share price is up 11% to US$12.22 over the past week. Reported Earnings • Feb 27
Full year 2020 earnings released: US$1.24 loss per share (vs US$1.72 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$62.3m (down 58% from FY 2019). Net loss: US$43.8m (down 177% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 85%. Earnings per share (EPS) missed analyst estimates by 38%. Over the next year, revenue is forecast to grow 66%, compared to a 1,389% growth forecast for the Biotechs industry in the US. Is New 90 Day High Low • Feb 06
New 90-day high: US$13.47 The company is up 99% from its price of US$6.76 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 24% over the same period. Recent Insider Transactions Derivative • Jan 22
President notifies of intention to sell stock Richard Murray intends to sell roughly 70.00k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of January. If the sale is conducted around the recent share price of US$7.74, it would amount to US$542k. For the year to December 2019, Richard's total compensation was 37% salary and 63% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, Richard's direct individual holding has decreased from 162.37k shares to 140.37k. Company insiders have collectively sold US$360k more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Jan 21
New 90-day high: US$11.35 The company is up 19% from its price of US$9.55 on 22 October 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Biotechs industry, which is up 27% over the same period. Recent Insider Transactions • Jan 13
President recently sold US$152k worth of stock On the 8th of January, Richard Murray sold around 22k shares on-market at roughly US$6.89 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jan 09
President notifies of intention to sell stock Richard Murray intends to sell roughly 23.38k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of January. If the sale is conducted around the recent share price of US$7.00, it would amount to US$164k. For the year to December 2019, Richard's total compensation was 37% salary and 63% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, Richard's direct individual holding has decreased from 162.37k shares to 45.69k. Company insiders have collectively sold US$89k more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Dec 24
New 90-day low: US$6.60 The company is down 16% from its price of US$7.89 on 24 September 2020. The American market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Analyst Estimate Surprise Post Earnings • Nov 10
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 64%. Analyst Estimate Surprise Post Earnings • Nov 08
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 64%. Major Estimate Revision • Nov 04
Analysts increase revenue estimates to US$21.9m The 2020 consensus revenue estimate increased from US$4.17m. Earning per share (EPS) estimate also saw an improvement, with analysts raising their estimates from -US$3.09 to -US$2.62 for the same period. The Biotechs industry in the US is expected to see an average net income growth of 7.4% next year. The consensus price target of US$13.83 was unchanged from the last update. Share price is down by 22% to US$7.02 over the past week. Valuation Update With 7 Day Price Move • Nov 03
Market pulls back on stock over the past week After last week's 24% share price decline to US$6.82, the stock is trading at a trailing P/E ratio of 10.5x, down from the previous P/E ratio of 13.9x. This compares to an average P/E of 29x in the Biotechs industry in the US. Total return to shareholders over the past three years is a loss of 54%. Price Target Changed • Sep 19
Price target raised to US$14.30 Up from US$10.63, the current price target is an average from 7 analysts. The new target price is 45% above the current share price of US$9.85. As of last close, the stock is up 191% over the past year. 