Jul. 11 at 12:36 PM
Raymond James🏁
$JANX Outperform-
$65 and said, "We are initiating coverage of Janux Therapeutics (JANX) with an Outperform rating and
$65 price target."
$AMGN $REGN $JNJ
Raymond James added, "Janux is clinical-stage company focused on developing masked T-cell engagers (TCEs) for the treatment of several cancer types.
Our investment thesis is predicated on four key points: Preliminary 3L+ PSA results for JANX007 (PSMA x CD3) in mCRPC are compelling at higher doses.
We see results to date, while not entirely devoid of TCE-related toxicities, as strong proof-of-concept for the masking technology employed by Janux.
We see a sizable opportunity for JANX007 in prostate cancer, a large market with room for several players targeting PSMA in earlier lines and in sequence.
We do not currently credit Janux for revenues from other pipeline assets, and thus we see JANX008 (EGFR x CD3), and the rest of the platform/early assets, as entirely upside potential.
Raymond James went on to say:
