UBS analyst David Dai downgraded Janux Therapeutics (NASDAQ: JANX) from Buy to Neutral with a price target of $15.00 (from $57.00).

The analyst comments: "We downgrade JANX to a Neutral rating, with a new PT of $15, given a lack of near-term stock-moving catalysts. JANX stock has been under pressure following mixed JANX007 Ph1a data in 5L metastatic prostate cancer (mCRPC), where ORR and PSA regressed vs. prior updates (see our note). With near-term focus on the Ph1b update in 2L (taxane- naive) mCRPC population 2H26, we think upside could depend on whether JANX007 shows durable rPFS benefit vs. Pluvicto and maintains a clean safety profile. We recently spoke with mgmt on Ph1b data expectations, and we think 2H26 data will likely be incremental with limited impact on the stock: 1) Ph1b is in still dose optimization (6/9mg Q2W), 2) patients may have limited follow-up to definitively show rPFS numbers, 3) Pluvicto's 9.3 months rPFS sets a high bar, and investors may want to see >12 months of PFS in a small dataset. A more substantial update may be in 2027, when we will see more patients from expansion cohorts and more mature follow-up. Our $15 PT (vs. $57 prior) reflects lower probability of success (PoS) and peak penetration estimates in mCRPC."

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Shares of Janux Therapeutics closed at $15.24 yesterday.