In a report released today, Alec Stranahan from Bank of America Securities reiterated a Buy rating on Janux Therapeutics Inc, with a price target of $49.00.
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Alec Stranahan has given his Buy rating due to a combination of factors including the potential of JANX007 to demonstrate a survival benefit over existing treatments, particularly in the taxane-naïve metastatic castration-resistant prostate cancer (mCRPC) setting. Despite a mixed phase 1 update, Stranahan views the significant drop in share price as an overreaction, maintaining confidence in the drug’s safety profile and its competitive positioning against alternatives like Pluvicto.
Stranahan highlights several positive aspects from the recent update, such as the promising progression-free survival (PFS) range and the tolerability of the Q2W dosing regimen, which supports its competitive stance. Although there were concerns regarding decreased PSA responses and objective response rates (ORR), Stranahan emphasizes the importance of survival metrics, which have been maintained or improved. The isolated patient death is noted but not seen as a trend, reinforcing the Buy rating with a revised price objective of $49.
In another report released today, Clear Street also maintained a Buy rating on the stock with a $32.00 price target.