Janux Therapeutics (NASDAQ:JANX) Shares Gap Up - Time to 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 before the market opened 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 traded.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on JANX shares. Guggenheim started coverage on shares of Janux Therapeutics in a research note on Wednesday, September 3rd. They issued a "buy" rating and a $72.00 price objective for the company. Truist Financial assumed coverage on Janux Therapeutics in a research note on Wednesday, September 10th. They issued a "buy" rating and a $100.00 price objective on the stock. Piper Sandler assumed coverage on Janux Therapeutics in a research report on Monday, August 18th. They set an "overweight" rating and a $42.00 target price for the company. Raymond James Financial started coverage on shares of Janux Therapeutics in a research report on Friday, July 11th. They set an "outperform" rating and a $65.00 target price for the company. Finally, Stifel Nicolaus restated a "buy" rating and set a $45.00 price target on shares of Janux Therapeutics in a report on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Janux Therapeutics presently has an average rating of "Buy" and an average target price of $78.31.

Janux Therapeutics Price Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of -13.03 and a beta of 2.84. The stock's 50-day simple moving average is $24.45 and its 200 day simple moving average is $26.06.

Janux Therapeutics (NASDAQ:JANX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.55) earnings per share for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.07). As a group, analysts expect that Janux Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Institutional Trading of Janux Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. grew its holdings in shares of Janux Therapeutics by 7.9% during the first quarter. RA Capital Management L.P. now owns 11,189,693 shares of the company's stock worth $302,122,000 after purchasing an additional 824,041 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Janux Therapeutics by 19.4% during the first quarter. Adage Capital Partners GP L.L.C. now owns 3,654,574 shares of the company's stock worth $98,673,000 after purchasing an additional 592,824 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Janux Therapeutics by 6.7% during the first quarter. Vanguard Group Inc. now owns 2,278,660 shares of the company's stock worth $61,524,000 after purchasing an additional 142,328 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Janux Therapeutics by 25.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,392,826 shares of the company's stock valued at $37,607,000 after acquiring an additional 282,848 shares during the last quarter. Finally, Orbimed Advisors LLC boosted its holdings in Janux Therapeutics by 59.6% in the second quarter. Orbimed Advisors LLC now owns 1,210,300 shares of the company's stock valued at $27,958,000 after acquiring an additional 451,734 shares during the last quarter. 75.39% of the stock is currently owned by institutional investors.

Janux Therapeutics Company Profile

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.