Scotiabank has revised its price target for Janux Therapeutics (NASDAQ: JANX), a biopharmaceutical company, from $47.00 to $42.00 while keeping a Sector Perform rating on the stock.
The adjustment comes as the market anticipates further data from the company's ongoing Phase 1 trial.
The trial in question is evaluating JANX007, Janux Therapeutics' leading T-cell engager, as a potential treatment for metastatic castration-resistant prostate cancer (mCRPC). The company has reported promising PSA50 response rates and excellent tolerability among 23 patients. However, out of 13 evaluable patients, there has been only one objective RECIST partial response.
Scotiabank's adjustment reflects the anticipation of updated dose escalation data results and the selection of a go-forward dose expected later in the year. The firm notes that the reporting of additional objective responses, particularly from higher dose cohorts, is essential for enhancing the program's perceived value.
Janux Therapeutics has experienced several significant developments. The company recently reported total revenues of approximately $1.3 million in the first quarter of 2024, surpassing consensus estimates, and a net loss of $0.30 per share. Following these results, H.C. Wainwright adjusted its price target for Janux Therapeutics, raising it from $50.00 to $63.00 and maintaining a Buy rating on the stock.
During its 2024 Annual Meeting of Stockholders, Janux Therapeutics shareholders elected three Class III directors and ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
The company also shared promising efficacy data from an ongoing Phase 1 trial of JANX-008 for non-small cell lung cancer, which led H.C. Wainwright to include projected revenues associated with this treatment in its financial model.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.