Stifel Starts Janux Therapeutics (JANX) at Buy

Stifel analyst Bradley Canino initiates coverage on Janux Therapeutics (NASDAQ: JANX) with a Buy rating and a price target of $70.00.

The analyst comments "We think February’s interim phase 1a data for JANX007 (PSMA TCE) suggest it has a high likelihood of becoming an innovative and differentiated therapy for the unmet need in prostate cancer, which remains the annual cause of death for ~35,000 US men. We recommend shares through updated data in 2H24 as a catalyst to confirm the initial activity/safety signals, plus provide an initial view of durability. We are positive on the potential durability, given its correlation to PSA decline and previous TCE evidence. The update should also unlock the announcement of an accelerated development path with phase 1b expansion cohorts that will recruit defined 2/3L mCRPC patients, which Pluvicto (PSMA RLT) has demonstrated is a multi-billion-dollar opportunity. We prefer the potential broader patient applicability of JANX007, and think monitoring for CRS will be an easier learning curve for community physicians versus RTL’s required multi-disciplinary referrals and hematological toxicity."

For an analyst ratings summary and ratings history on Janux Therapeutics click here. For more ratings news on Janux Therapeutics click here.

Shares of Janux Therapeutics closed at $44.47 yesterday.

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