William Blair analyst Matt Phipps has reiterated their bullish stance on JANX stock, giving a Buy rating today.
Matt Phipps has given his Buy rating due to a combination of factors that highlight the potential of Janux Therapeutics Inc. Despite a significant share price decline of approximately 40% year-to-date, which followed a strong performance in 2024, Phipps sees this as an opportunity. The decline is attributed to the market’s perception of limited near-term merger and acquisition potential, even though the company’s leading program, JANX007, has shown promising results in treating metastatic castration-resistant prostate cancer.
With over $1 billion in cash reserves at the end of 2024 and several clinical updates expected in 2025, Phipps believes the current valuation does not fully reflect the potential of JANX007. The upcoming clinical readouts and the planned R&D day in 2025, which will reveal more about the company’s pipeline, further support his optimistic outlook. Despite some unverified patient reports of side effects, the overall tolerability and efficacy of JANX007 remain strong, reinforcing the Buy recommendation.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $103.00 price target.