JANX - Janux initiated Outperform at Wedbush citing potential of platform technology

2023-04-06 10:11:48 ET

Shares of clinical-stage biotech Janux Therapeutics ( NASDAQ: JANX ) inched higher Thursday after Wedbush launched its coverage with an Outperform recommendation, citing the potential of its platform technology.

Janux ( JANX ) develops immunotherapies using its Tumor Activated T Cell Engager (TRACTr) and Tumor Activated Immunomodulator (TRACIr) platform, designed to improve the delivery of its bispecific product candidates to the tumor tissue.

The analyst Robert Driscoll laments that the market has yet to appreciate "the breadth and value of the platform." "We believe TRACTr/ TRACTIr technology has the potential to overcome the toxicity/delivery challenges that have limited development of current bispecific approaches," he wrote with a 12-month target of $24 on JANX.

Citing -clinical data for the company's therapeutic candidates JANX007 and JANX008, Driscoll argues that JANX's initial focus on validated targets "allows for a high likelihood of success."

Wedbush sees an attractive entry point for the stock as Janux ( JANX ) expects an initial readout for the company's lead asset JANX007 from a Phase 1 trial in H2 2023 from patients with metastatic castration-resistant prostate cancer.

Janux ( JANX ) is a favorite on Wall Street with five Buy ratings, including four Strong Buys.

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