Janux Therapeutics (NASDAQ:JANX) Stock Price Down 23.4% - Here's What Happened

Key Points

• Janux Therapeutics shares fell 23.4% in Monday’s midday trading, dropping from a prior close of $17.63 to a low of $12.43; trading volume was 46% below its average.
• Despite the selloff, analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $36.92, though ratings ranged from Strong Buy to Sell.
• In its latest quarterly report, Janux posted a loss of $0.34 per share, better than the $0.47 loss analysts expected, and revenue of $9.29 million versus estimates of $8.03 million.

Janux Therapeutics, Inc. (NASDAQ:JANX - Get Free Report)'s stock price fell 23.4% during mid-day trading on Monday. The company traded as low as $12.43 and last traded at $13.5020. 567,903 shares changed hands during trading, a decline of 46% from the average daily volume of 1,053,373 shares. The stock had previously closed at $17.63.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Nicolaus set a $35.00 price objective on shares of Janux Therapeutics in a report on Friday, August 7th. Truist Financial increased their target price on shares of Janux Therapeutics from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday. Weiss Ratings reissued a "sell (d-)" rating on shares of Janux Therapeutics in a research report on Friday, October 16th. Wolfe Research upgraded shares of Janux Therapeutics from a "peer perform" rating to an "outperform" rating and set a $23.00 price target for the company in a research note on Monday, August 24th. Finally, HC Wainwright reiterated a "buy" rating on shares of Janux Therapeutics in a research note on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $36.92.

Janux Therapeutics Trading Down 22.6%

The firm's fifty day simple moving average is $17.49 and its 200 day simple moving average is $15.42. The company has a market cap of $833.97 million, a price-to-earnings ratio of -8.63 and a beta of 2.44.

Janux Therapeutics (NASDAQ:JANX - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.47) by $0.13. The firm had revenue of $9.29 million during the quarter, compared to analyst estimates of $8.03 million. As a group, sell-side analysts expect that Janux Therapeutics, Inc. will post -1.70 EPS for the current year.

Institutional Investors Weigh In On Janux Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Janux Therapeutics in the 2nd quarter valued at about $94,228,000. State Street Corp lifted its stake in Janux Therapeutics by 22.0% in the second quarter. State Street Corp now owns 3,004,899 shares of the company's stock valued at $46,155,000 after buying an additional 540,882 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in Janux Therapeutics by 2.9% in the second quarter. Alyeska Investment Group L.P. now owns 1,647,140 shares of the company's stock valued at $25,300,000 after buying an additional 46,051 shares during the last quarter. Algert Global LLC boosted its holdings in shares of Janux Therapeutics by 150.5% in the second quarter. Algert Global LLC now owns 1,110,889 shares of the company's stock valued at $17,063,000 after acquiring an additional 667,492 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Janux Therapeutics in the second quarter valued at approximately $13,985,000. Institutional investors and hedge funds own 75.39% of the company's stock.

About Janux Therapeutics

Janux Therapeutics, Inc is a clinical-stage biopharmaceutical company developing immune-based medicines for the treatment of cancer and autoimmune diseases. The company's research is focused on designing therapies that selectively activate the immune system in diseased tissue while limiting activity in healthy tissue.

Janux's proprietary technology platform is designed to create tumor-activated T-cell engager therapies and other immunomodulators. These medicines are engineered to remain relatively inactive in the circulation and become activated in the tumor microenvironment, with the goal of improving the therapeutic window of immune therapies.

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