Janux Therapeutics Stock Hits 7-Month High On Prostate Cancer Drug Trial Data: Retail Confidence Spikes
By Stocktwits Inc | First Published Dec 4, 2024, 12:57 AM ISTThe treatment, a tumor-activated T-cell engager, leverages the immune system by recruiting white blood cells to attack cancer cells.
Shares of Janux Therapeutics Inc. surged over 54% on Tuesday afternoon, reaching levels not seen since May and breaking a five-day losing streak.
The rally followed the company’s Monday announcement of promising Phase I trial data for its prostate cancer treatment, JANX007.
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In the trial, all 16 heavily pre-treated patients demonstrated a reduction of at least 50% in prostate-specific antigen (PSA) levels, a key indicator of cancer.
The news sparked a wave of bullish analyst notes and retail investor enthusiasm.
Stifel raised its price target to $115 from $70, citing increased probabilities of success for JANX007 in second- and third-line metastatic castration-resistant prostate cancer.
The brokerage now forecasts $1.7 billion in risk-adjusted sales from these indications.
Leerink boosted its price target to $91, highlighting the treatment’s “best-in-class” safety and efficacy profile.
Cantor Fitzgerald took an even more optimistic stance, doubling its price target to $200. The brokerage praised JANX007 for achieving “unprecedented” PSA50 and PSA90 response rates while maintaining a tolerable safety profile.
H.C. Wainwright also raised its target, albeit more modestly, to $70, increasing its probability of launch for JANX007 to 26% from 20%.
Retail sentiment on Stocktwits turned ‘extremely bullish’ amid a sharp increase in message volume, with many users seeing the breakthrough as a major milestone.
The treatment, a tumor-activated T-cell engager, leverages the immune system by recruiting white blood cells to attack cancer cells.
Janux has selected two once-weekly dose regimens for expansion trials targeting patients with two or three prior lines of therapy.
The stock, up 460% year-to-date, is reportedly on track for its best year ever.
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