Janux Therapeutics (NASDAQ:JANX) Stock Price Up 8.6% - Here's Why

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)'s share price traded up 8.6% during trading on Tuesday . The company traded as high as $24.71 and last traded at $25.97. 167,976 shares were traded during mid-day trading, a decline of 82% from the average session 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 Janux Therapeutics in a research report on Friday, July 11th. They issued an "outperform" rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $91.89.

Janux Therapeutics Trading Up 1.1%

The company has a market cap of $1.35 billion, a PE ratio of -12.68 and a beta of 2.86. The business has a 50 day simple moving average of $24.70 and a two-hundred day simple moving average of $28.98.

Janux Therapeutics (NASDAQ:JANX - Get Free Report) last issued its quarterly 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). On average, equities research analysts expect that Janux Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Institutional Trading of Janux Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC grew its stake in shares of Janux Therapeutics by 16.2% during the second quarter. Intech Investment Management LLC now owns 21,935 shares of the company's stock valued at $507,000 after acquiring an additional 3,051 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in Janux Therapeutics by 29.5% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,054 shares of the company's stock worth $209,000 after purchasing an additional 2,060 shares in the last quarter. Geode Capital Management LLC grew its stake in Janux Therapeutics by 15.5% in the second quarter. Geode Capital Management LLC now owns 902,312 shares of the company's stock worth $20,845,000 after purchasing an additional 121,403 shares in the last quarter. Quinn Opportunity Partners LLC grew its stake in Janux Therapeutics by 15.4% in the second quarter. Quinn Opportunity Partners LLC now owns 59,893 shares of the company's stock worth $1,384,000 after purchasing an additional 8,000 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Janux Therapeutics by 8.1% in the second quarter. ProShare Advisors LLC now owns 10,284 shares of the company's stock worth $238,000 after purchasing an additional 771 shares in 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.