Janux Therapeutics (NASDAQ:JANX) Shares Up 9.9% - Should You Buy?

Key Points

• Janux Therapeutics shares surged by 9.9% to $28.27 during mid-day trading, with improved trading volume up by 59% compared to its average.
• Brokerages have largely issued positive ratings, with a consensus target price of $78.31 and a rating of "Moderate Buy" from analysts.
• The company, which is developing immunotherapies for various cancers, recently reported a loss of $0.55 per share in its earnings results, missing estimates.

Janux Therapeutics, Inc. (NASDAQ:JANX - Get Free Report)'s share price shot up 9.9% during mid-day trading on Wednesday . The company traded as high as $27.78 and last traded at $28.27. 1,445,314 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 911,499 shares. The stock had previously closed at $25.73.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on JANX. Raymond James Financial started coverage on shares of Janux Therapeutics in a research report on Friday, July 11th. They issued an "outperform" rating and a $65.00 price objective on the stock. Guggenheim started coverage on shares of Janux Therapeutics in a research report on Wednesday, September 3rd. They set a "buy" rating and a $72.00 target price on the stock. Stifel Nicolaus reissued a "buy" rating and set a $45.00 target price on shares of Janux Therapeutics in a research report on Wednesday, September 10th. Piper Sandler started coverage on shares of Janux Therapeutics in a research report on Monday, August 18th. They set an "overweight" rating and a $42.00 target price on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Janux Therapeutics in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Janux Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.31.

Janux Therapeutics Price Performance

The stock's fifty day moving average is $23.90 and its 200-day moving average is $25.28. The stock has a market capitalization of $1.70 billion, a PE ratio of -15.71 and a beta of 2.82.

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 analysts' consensus estimates of ($0.48) by ($0.07). On average, analysts forecast that Janux Therapeutics, Inc. will post -1.38 EPS for the current year.

Hedge Funds Weigh In On Janux Therapeutics

A number of large investors have recently added to or reduced their stakes in JANX. GAMMA Investing LLC raised its position in Janux Therapeutics by 1,574.0% during the first quarter. GAMMA Investing LLC now owns 1,674 shares of the company's stock worth $45,000 after acquiring an additional 1,574 shares during the period. US Bancorp DE raised its position in Janux Therapeutics by 2,402.9% during the first quarter. US Bancorp DE now owns 1,727 shares of the company's stock worth $47,000 after acquiring an additional 1,658 shares during the period. KBC Group NV acquired a new position in Janux Therapeutics during the first quarter worth $66,000. FNY Investment Advisers LLC raised its position in shares of Janux Therapeutics by 6,928.6% in the first quarter. FNY Investment Advisers LLC now owns 2,460 shares of the company's stock valued at $66,000 after buying an additional 2,425 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of 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 buying an additional 3,037 shares during the last quarter. 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.

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