On Tuesday, William Blair maintained its Outperform rating on Janux Therapeutics (NASDAQ:JANX), a $2.1 billion market cap biotech company whose stock has surged over 340% in the past year, following the company's disclosure of promising clinical results. According to InvestingPro data, analyst consensus remains strongly bullish, despite a recent 16% decline in share price over the past week.
The results were for JANX007, Janux's PSMAxCD3 TRACTr bispecific T-cell engager, which is being tested in patients with metastatic castrate-resistant prostate cancer (mCRPC). The updated data showed significant clinical activity, which, according to William Blair, surpassed investor expectations. InvestingPro subscribers have access to 12 additional key insights about JANX, including detailed financial health metrics and valuation analysis.
The firm has consequently increased its peak sales estimate for JANX007 in the United States to $3.0 billion, a substantial rise from the previous $1.7 billion projection. This adjustment reflects the drug's enhanced clinical profile as observed in the recent findings. Janux is currently completing a 12 mg target dose cohort and plans to initiate Phase Ib expansion studies with 6 mg and 9 mg target dose cohorts in 2025.
Additionally, Janux is exploring a bi-weekly dosing schedule to comply with Project Optimus regulatory guidance, with intentions to advance one such schedule into the expansion phase. While the company anticipates providing a clinical update on JANX007 in 2025, details regarding the extent of data to be shared at that time remain unspecified.
In other recent news, Janux Therapeutics has seen multiple financial firms adjust their outlooks following promising clinical data for the company's leading drug candidate, JANX007.
Leerink Partners raised their price target for Janux to $91, sustaining an Outperform rating based on encouraging Phase 1 data. Similarly, H.C. Wainwright set a new stock price target of $70, maintaining a Buy rating, while Cantor Fitzgerald significantly increased its target to $200, maintaining an Overweight rating. Stifel reiterated its Buy rating with a steady price target of $70, and BTIG raised its target to $100, reaffirming a Buy rating.
The adjustments follow the release of encouraging clinical data from Janux's Phase 1 study for JANX007, a treatment for metastatic castration-resistant prostate cancer. The therapy demonstrated high prostate-specific antigen response rates, with all patients treated showing a reduction of at least 50% from the baseline.
In the realm of financial performance, Janux reported significant Q2 revenue growth, reaching approximately $8.9 million, primarily due to a milestone payment from its collaboration with Merck (NS:PROR).
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