Raymond James Financial Initiates Coverage on Janux Therapeutics (NASDAQ:JANX)

Analysts at Raymond James Financial assumed coverage on shares of Janux Therapeutics (NASDAQ:JANX) in a research report issued on Friday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $65.00 price target on the stock. Raymond James Financial’s price objective would suggest a potential upside of 158.45% from the company’s current price.

Janux Therapeutics Stock Performance

Shares of NASDAQ JANX opened at $25.15 on Friday. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -18.49 and a beta of 2.86. Janux Therapeutics has a fifty-two week low of $22.48 and a fifty-two week high of $71.71. The firm’s 50-day simple moving average is $24.61 and its 200 day simple moving average is $32.23.

Janux Therapeutics (NASDAQ:JANX) last posted its earnings results on Thursday, May 8th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.05. On average, sell-side analysts predict that Janux Therapeutics will post -1.38 EPS for the current year.

Insider Buying and Selling

In related news, insider Andrew Hollman Meyer sold 3,333 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $32.03, for a total value of $106,755.99. Following the completion of the sale, the insider directly owned 82,139 shares of the company’s stock, valued at approximately $2,630,912.17. This represents a 3.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Janux Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. RA Capital Management L.P. grew its stake in Janux Therapeutics by 7.9% in the 1st quarter. RA Capital Management L.P. now owns 11,189,693 shares of the company’s stock valued at $302,122,000 after purchasing an additional 824,041 shares during the period. FMR LLC grew its stake in Janux Therapeutics by 10.8% in the 4th quarter. FMR LLC now owns 8,669,941 shares of the company’s stock valued at $464,189,000 after purchasing an additional 845,266 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in Janux Therapeutics by 19.4% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 3,654,574 shares of the company’s stock valued at $98,673,000 after purchasing an additional 592,824 shares during the period. Janus Henderson Group PLC grew its stake in Janux Therapeutics by 41.2% in the 4th quarter. Janus Henderson Group PLC now owns 3,562,402 shares of the company’s stock valued at $190,617,000 after purchasing an additional 1,038,996 shares during the period. Finally, Paradigm Biocapital Advisors LP grew its stake in Janux Therapeutics by 46.5% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 3,515,986 shares of the company’s stock valued at $188,246,000 after purchasing an additional 1,115,412 shares during the period. 75.39% of the stock is owned by hedge funds and other 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.