Janux Therapeutics downgraded to Hold from Buy at Clear Street

Clear Street downgraded Janux Therapeutics (JANX) to Hold from Buy with a price target of $12, down from $32. The firm says the the absence of clear durability signals from JANX007 and the lack of incremental data from JANX008 “introduce material platform risk.” Janux faces rising competitive momentum and an undefined path for JANX007, which elevates its execution risk, the analyst tells investors in a research note.