William Blair analyst Matt Phipps has reiterated their bullish stance on JANX stock, giving a Buy rating yesterday.
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Matt Phipps has given his Buy rating due to a combination of factors that highlight the potential of Janux Therapeutics Inc’s JANX007 program. Despite a significant drop in share prices following the release of updated clinical data, Phipps believes this reaction is an overreaction. The data, which includes various dosing regimens and CRS mitigation strategies, suggests that JANX007 could achieve a best-in-disease profile and potentially blockbuster sales. The focus on advancing dosing regimens to Phase Ib and promising initial data in patients with lower tumor burden supports this outlook.
Additionally, the updated CRS mitigation protocol has demonstrated a strong safety profile, with no cases of grade 3 CRS and minimal grade 1 occurrences. This improvement in safety, alongside high PSA response rates, indicates that JANX007 could be administered in an outpatient setting, enhancing its commercial viability. Phipps anticipates that future updates from the Phase Ib trial will restore investor confidence, viewing the current sell-off as a buying opportunity.
In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $100.00 price target.