"Have you ever seen a race car that looks like it is competing with leaders up front but in reality is a lap down? That's Juno right now." -- Brad Loncar. Loncar, a healthcare investor and manager of a cancer immunotherapy fund, found a perfect analogy to describe the problems weighing on Juno Therapeutics ( JUNO ) as it struggles to compete against Kite Pharma ( KITE ) and Novartis ( NVS ) to develop engineered T cell therapies known as chimeric antigen receptor T cells, or CAR-T. On Saturday at the American Society of Hematology (ASH) annual meeting, Novartis showcased a 60% complete response rate at six months from a pivotal clinical trial of CAR-T CTL019 in children and young adults with B-cell acute lymphoblastic leukemia. An approval filing for CTL019 with the U.S. Food and Drug Administration is targeted for early 2017, Novartis said.