Janux Therapeutics (NASDAQ:JANX) Shares Up 8.6% - Time to Buy?

Key Points

• Janux Therapeutics stock surged by 8.6% to $25.97, despite a significant drop in trading volume, down 82% from average levels.
• Analysts from Raymond James initiated coverage with an "outperform" rating and a target price of $65.00, while the average target price among analysts is $91.89.
• The company is focused on developing immunotherapies for cancer, with clinical trials underway for two primary candidates targeting various solid tumors.

Janux Therapeutics, Inc. (NASDAQ:JANX - Get Free Report) rose 8.6% on Tuesday . The stock traded as high as $24.71 and last traded at $25.97. Approximately 167,976 shares were traded during trading, a decline of 82% from the average daily volume of 934,482 shares. The stock had previously closed at $23.91.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial assumed coverage on shares of Janux Therapeutics in a research report on Friday, July 11th. They set an "outperform" rating and a $65.00 price target on the stock. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $91.89.

Janux Therapeutics Stock Performance

The stock has a market cap of $1.35 billion, a PE ratio of -16.80 and a beta of 2.86. The firm has a 50-day moving average price of $24.75 and a 200-day moving average price of $29.30.

Janux Therapeutics (NASDAQ:JANX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.05. As a group, sell-side analysts anticipate that Janux Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Institutional Trading of Janux Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd grew its stake in Janux Therapeutics by 15.5% during the second quarter. Y Intercept Hong Kong Ltd now owns 20,602 shares of the company's stock worth $476,000 after buying an additional 2,769 shares in the last quarter. AlphaQuest LLC grew its holdings in Janux Therapeutics by 3,658.9% during the 2nd quarter. AlphaQuest LLC now owns 9,698 shares of the company's stock worth $224,000 after acquiring an additional 9,440 shares in the last quarter. FNY Investment Advisers LLC grew its position in Janux Therapeutics by 111.8% during the second quarter. FNY Investment Advisers LLC now owns 5,210 shares of the company's stock valued at $120,000 after buying an additional 2,750 shares during the period. Aberdeen Group plc boosted its stake in shares of Janux Therapeutics by 26.9% in the second quarter. Aberdeen Group plc now owns 285,288 shares of the company's stock worth $6,590,000 after acquiring an additional 60,500 shares during the last quarter. Finally, Atle Fund Management AB grew its stake in shares of Janux Therapeutics by 6.4% in the 2nd quarter. Atle Fund Management AB now owns 49,820 shares of the company's stock valued at $1,151,000 after buying an additional 3,012 shares during the period. 75.39% of the stock is currently owned by institutional investors and hedge funds.

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.