Janux Therapeutics (NASDAQ:JANX) Shares Gap Up - Should You Buy?

Key Points

• Janux Therapeutics shares gapped up before the market opened, starting at $24.24 after closing at $23.41, with a recent trading price of $24.67.
• Multiple analysts have given the stock a consensus rating of "Buy", with price targets ranging from $42.00 to $100.00, reflecting strong market optimism.
• Janux Therapeutics is focused on developing immunotherapies for cancer treatment, currently involved in Phase 1 clinical trials for its lead candidates targeting various cancers.

Shares of Janux Therapeutics, Inc. (NASDAQ:JANX - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $23.41, but opened at $24.24. Janux Therapeutics shares last traded at $24.67, with a volume of 36,225 shares trading hands.

Wall Street Analysts Forecast Growth

JANX has been the subject of several recent research reports. Guggenheim initiated coverage on Janux Therapeutics in a research note on Wednesday, September 3rd. They issued a "buy" rating and a $72.00 price target for the company. Piper Sandler initiated coverage on Janux Therapeutics in a research note on Monday, August 18th. They issued an "overweight" rating and a $42.00 price target for the company. Raymond James Financial initiated coverage on Janux Therapeutics in a research note on Friday, July 11th. They issued an "outperform" rating and a $65.00 price target for the company. Truist Financial initiated coverage on Janux Therapeutics in a research note on Wednesday, September 10th. They issued a "buy" rating and a $100.00 price target for the company. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $45.00 price target on shares of Janux Therapeutics in a research note on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $78.31.

Janux Therapeutics Stock Down 3.9%

The firm has a 50 day simple moving average of $24.45 and a two-hundred day simple moving average of $26.06. The stock has a market capitalization of $1.41 billion, a P/E ratio of -13.03 and a beta of 2.84.

Janux Therapeutics (NASDAQ:JANX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.07). On average, research analysts predict that Janux Therapeutics, Inc. will post -1.38 earnings per share for the current year.

Institutional Trading of Janux Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. increased its holdings in Janux Therapeutics by 704.6% in the second quarter. Osaic Holdings Inc. now owns 3,468 shares of the company's stock valued at $80,000 after purchasing an additional 3,037 shares during the period. Squarepoint Ops LLC increased its holdings in Janux Therapeutics by 230.0% in the second quarter. Squarepoint Ops LLC now owns 189,569 shares of the company's stock valued at $4,379,000 after purchasing an additional 132,121 shares during the period. Tower Research Capital LLC TRC increased its holdings in Janux Therapeutics by 175.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,928 shares of the company's stock valued at $91,000 after purchasing an additional 2,502 shares during the period. Lazard Asset Management LLC increased its holdings in Janux Therapeutics by 64.8% in the second quarter. Lazard Asset Management LLC now owns 99,858 shares of the company's stock valued at $2,306,000 after purchasing an additional 39,278 shares during the period. Finally, Engineers Gate Manager LP grew its holdings in Janux Therapeutics by 115.0% during the 2nd quarter. Engineers Gate Manager LP now owns 39,749 shares of the company's stock worth $918,000 after acquiring an additional 21,258 shares during the period. 75.39% of the stock is currently owned by institutional investors and hedge funds.

About Janux Therapeutics

Janux Therapeutics, Inc, a clinical stage biopharmaceutical company, develops immunotherapies based on Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr) platforms technology to treat patients suffering from cancer. The company's clinical candidates comprise JANX007, a prostate-specific membrane antigen or PSMA-TRACTr, which is in Phase 1 clinical trial in adults for the treatment of metastatic castration-resistant prostate cancer (mCRPC) and the vasculature of other tumors; and JANX008, an epidermal growth factor receptor or EGFR-TRACTr that is in Phase 1 clinical trial for the treatment of multiple solid cancers, including colorectal cancer, squamous cell carcinoma of the head and neck, non-small cell lung cancer, and renal cell carcinoma.