Barclays analyst Etzer Darout double downgraded Janux Therapeutics (JANX) to Underweight from Overweight with a price target of $14, down from $29. The firm continues to see long-term value in Janux’s platform, but says there are better options for share upside the near and medium term. Barclays lowered the probability of success for the company’s lead program JANX007, essentially removing it from the model. Janux has initiated the development of a dual-masked PSMA asset JANX014, which casts doubt over the viability of JANX007, the analyst tells investors in a research note.
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