Maintaining Buy on Janux: Trial Progress and Undervalued Pipeline Create Compelling Risk–Reward

William Blair analyst Matt Phipps has reiterated their bullish stance on JANX stock, giving a Buy rating on December 24.

Matt Phipps has given his Buy rating due to a combination of factors tied to both Janux’s pipeline progress and its current valuation. He views the advancement of JANX008 into dose-expansion cohorts as an implicit confirmation that safety has remained manageable and that early signals of efficacy seen in prior updates—such as durable tumor responses in heavily pretreated patients with limited cytokine release syndrome—are sufficiently encouraging to justify further development. Although recent news flow around JANX008 lacked new quantitative data and competitive pressure in the EGFR TCE space remains high, the smooth progression of the trial supports the notion that this program still holds meaningful optionality for the longer term.

At the same time, Phipps emphasizes that investor sentiment is overly focused on the disappointment following the latest JANX007 prostate cancer data, which has, in his view, driven an excessive decline in the share price. With the stock now trading near the company’s cash balance, he believes the market is assigning minimal value to the pipeline despite the potential for positive readouts from JANX007 expansion cohorts expected in 2026. He argues that this disconnect between intrinsic value and market price creates a favorable risk–reward setup, where even modestly positive clinical updates could lead to substantial upside. On that basis, he maintains a Buy rating, expecting that future clinical catalysts will help close the gap between Janux’s current valuation and its underlying scientific and clinical prospects.