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On Monday, Leerink Partners made an adjustment to the price target of Janux Therapeutics (NASDAQ:JANX) shares, lowering it slightly from $91.00 to $89.00, while maintaining an Outperform rating on the stock. The adjustment comes amid recent market volatility, with the stock dropping 14.2% in the past week. According to InvestingPro data, analyst consensus remains strongly bullish, with a high target of $200. Leerink’s analyst Jeffrey La Rosa expressed continued optimism about the company’s innovative approach to cancer treatment through its tumor-conditional, masking platform. This technology aims to provide broader therapeutic windows for powerful immuno-oncology treatments.
The analyst highlighted the potential of Janux’s lead product, JANX007, a masked PSMAtargeted CD3 T-cell engager (TCE), which is currently undergoing clinical trials. Leerink anticipates that the clinical and commercial trajectory of JANX007 will be influenced by significant Phase 1 updates expected within the TCE class throughout the year. Janux is scheduled to present a Phase 1 update on JANX007 later in the second half of 2025, with the anticipation of Phase 1b data in 2026, which is projected to be crucial in confirming the initial outcomes.
Leerink also pointed to upcoming competitor updates as potential market movers. Updates from Johnson & Johnson (JNJ) are expected in June at the American Society of Clinical Oncology (ASCO) conference, with abstracts to be released on May 22nd, and from VIR later in the second half of 2025. These updates could provide context for Janux’s progress and market position.
Furthermore, Leerink suggested that additional Phase 1 data for another of Janux’s products, JANX008, a masked EGFR TCE, due in the second half of 2025, could act as a significant catalyst for the company’s stock, especially since current expectations for this program are modest.
In anticipation of Janux’s R&D day, set for mid-2025, Leerink is looking forward to gaining insight into the company’s long-term potential. The firm is particularly interested in Janux’s strategic priorities, such as its focus on prostate cancer, potential new prostate-specific targets, complementary masked co-stim programs, and whether new CD3 TCE programs will address more common antigens or those that are more tumor-specific.
In other recent news, Janux Therapeutics has initiated a Phase 1b expansion study in its ENGAGER-PSMA-01 trial, focusing on metastatic castration-resistant prostate cancer (mCRPC). This follows promising results from an earlier Phase 1a trial, where patients showed a median radiographic progression-free survival (rPFS) of 7.5 months. The new study will test the drug JANX007 at different dosing schedules to gather additional safety and efficacy data. Meanwhile, Cantor Fitzgerald’s analyst Josh Schimmer has reiterated an Overweight rating on Janux Therapeutics with a $200 price target. Schimmer highlighted the company’s advancements in testing the ’007 therapy across various patient groups and noted that early data has been encouraging. The analyst also mentioned that the cytokine release syndrome associated with ’007 is generally manageable. Janux is exploring different dosing regimens and delivery methods, including a bi-weekly dosing strategy and a potential subcutaneous delivery method. These developments aim to enhance patient access and treatment outcomes while minimizing side effects.
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