Janux Therapeutics price target lowered to $38 from $46 at Stifel

Stifel analyst Stephen Willey lowered the firm’s price target on Janux Therapeutics (JANX) to $38 from $46 and keeps a Buy rating on the shares. The firm sees “some positives to extract” from Monday’s JANX007 Phase 1 update, but also questions, the analyst tells investors. While acknowledging the near-term catalyst calendar “doesn’t set-up great,” the firm adds that it “struggles to rationalize” the 40% post-close attrition in shares given “platform validation in a thematically/strategically space.”