Optimistic Buy Rating for Janux Therapeutics Despite Challenges and Promising Market Potential

JonesTrading analyst Soumit Roy has reiterated their bullish stance on JANX stock, giving a Buy rating today.

Soumit Roy has given his Buy rating due to a combination of factors surrounding Janux Therapeutics Inc. Despite uncertainties related to the pivotal trial design and timeline, Roy remains optimistic about the potential of JANX007, particularly in the taxane-naive cohort of mCRPC patients. The company is exploring both weekly and bi-weekly dosing regimens in a Phase 1b expansion cohort, which could open up a significant market opportunity in the U.S. with a potential total addressable market of approximately $10 billion.
Roy acknowledges the challenges faced by Janux, such as the diminished competitive edge due to outcomes aligning with Pluvicto and the occurrence of a Grade 5 cardiotoxicity event. However, he anticipates improved efficacy and more durable responses with JANX007 in earlier line mCRPC. The focus on taxane-naive patients, despite limited initial data, presents a promising avenue for growth, and the company is expected to provide further data updates in 2026. These factors contribute to the Buy rating, reflecting a belief in the long-term potential of Janux’s therapeutic developments.