H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Janux Therapeutics Inc today and set a price target of $45.00.
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Swayampakula Ramakanth has given his Buy rating due to a combination of factors surrounding Janux Therapeutics Inc’s ongoing development of JANX007. Despite a recent decline in the stock price following interim results from a Phase 1 study, Ramakanth sees potential in the long-term value of the company’s efforts. The study, which involves a promising therapy for metastatic castration-resistant prostate cancer (mCRPC), showed a manageable safety profile and an optimized protocol that eliminated severe cytokine release syndrome events in the latest cohort.
While the efficacy results have not yet met the benchmark set by competing treatments, there is optimism that the data will improve as the study progresses. The company plans to target earlier-stage, taxane-naïve patients, which could yield better outcomes given the observed correlation between lower tumor burden and longer progression-free survival. Additionally, the potential for more convenient dosing options adds to the appeal of JANX007. Despite the current challenges, Ramakanth recommends accumulating shares at the current lower price, anticipating future growth as the therapy’s development continues.