On Tuesday, H.C. Wainwright set a new stock price target for Janux Therapeutics (NASDAQ: JANX) shares, increasing it to $70.00 from the previous $63.00, while maintaining a Buy rating. The stock, which has delivered an impressive 344% return over the past year according to InvestingPro data, currently trades with a market capitalization of $2.11 billion.
The adjustment follows the release of promising clinical data from Janux Therapeutics' ongoing Phase 1 study for its PSMA-targeting tumor-activated T-cell engager, JANX007, intended to treat metastatic castration-resistant prostate cancer (mCRPC).
The company reported on Monday that in the study, all 16 patients treated showed a Prostate-Specific Antigen (PSA) reduction of at least 50% from the baseline. Furthermore, reductions of 90% and 99% from baseline were observed in 63% and 31% of patients, respectively. The treatment also showed durability, with a majority of patients maintaining significant PSA reductions over 12 weeks.
JANX007 demonstrated early signs of effectiveness, with half of the evaluable patients experiencing partial responses and one additional patient achieving stable disease.
The treatment was well-tolerated, with Grade 3 or higher treatment-related adverse events (TRAEs) primarily occurring during the first treatment cycle. The study noted that cytokine release syndrome (CRS) and related adverse events were mostly mild or moderate in severity.
In comparison to the Phase 3 VISION study's FDA-approved Pluvicto, JANX007 showed a higher percentage of patients achieving significant PSA reductions. Moreover, the safety profile of JANX007 appeared more favorable, with a lower percentage of patients experiencing severe adverse events compared to those treated with Pluvicto plus standard of care therapy.
Janux Therapeutics has selected two step-dosing regimens for Phase 1b expansion studies of JANX007, which are planned to start in 2025. These studies aim to further evaluate the treatment in mCRPC patients who have not previously been treated with Pluvicto. The company also plans to explore the potential of JANX007 in combination with enzalutamide for first and second-line mCRPC treatments.
Based on the encouraging data, H.C. Wainwright has increased the probability of JANX007's market launch to 26% from the previous 20%, leading to the raised price target. Further updates on the JANX007 program are expected in 2025.
InvestingPro analysis reveals that analyst targets for the stock range from $25 to $200, with the company maintaining a strong financial position evidenced by a current ratio of 38.8. For deeper insights into Janux's financial health and additional analyst perspectives, subscribers to InvestingPro can access over 10 exclusive ProTips and comprehensive financial metrics.
In other recent news, Janux Therapeutics is making significant strides in its clinical trials and financial performance. The biopharmaceutical company's ongoing Phase 1a trial of JANX007, a therapy for metastatic castration-resistant prostate cancer, has shown promising interim clinical data, including high prostate-specific antigen response rates.
The positive assessment is further supported by Stifel's analysis, which reiterates a Buy rating on Janux stock, citing the promising phase 1a JANX007 trial data.
BTIG and Leerink Partners have also increased their price targets for Janux, maintaining a Buy rating, following impressive clinical data. In addition, UBS initiated coverage on Janux Therapeutics with a Buy rating, emphasizing the potential of the company's innovative T cell engager platform.
Janux Therapeutics has also reported significant Q2 revenue growth, reaching approximately $8.9 million, primarily due to a milestone payment from its collaboration with Merck (NS:PROR). In terms of corporate governance, the company has reshaped its board with new appointments and confirmed the resignation of a board member. These are among the recent developments in Janux Therapeutics' operations and financial performance.
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