On Tuesday, TD Cowen maintained a positive outlook on shares of Janux Therapeutics (NASDAQ:JANX), reiterating a Buy rating on the stock. The firm's analyst commented on the latest Phase Ia data from Janux's '007 candidate, highlighting its impressive prostate-specific antigen (PSA) reduction rates, enhanced durability, and minimal toxicity or cytokine release syndrome (CRS) issues.
The analyst noted the '007 candidate's 100% PSA50 rate, where PSA levels are reduced by 50%, and a 63% PSA90 rate, indicating a 90% reduction. These figures surpass the anticipated 65% PSA50 rate at the 12-week mark.
This promising data suggests that '007 could become the preferred non-androgen therapy for metastatic castration-resistant prostate cancer (mCRPC), with the potential to generate multiple billions in revenue.
The ongoing Phase Ia dose escalation study of '007 is proceeding alongside the initiation of the Phase Ib expansion, which will include second and third-line treatment settings. The company is expected to provide further updates on '007, as well as on '008, in 2025.
The analyst's optimism is based on the candidate's strong clinical performance, which indicates a clear path forward in the treatment landscape for mCRPC. The analyst's commentary underscores the potential of '007 to meet a significant unmet medical need in the oncology market.
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