Janux Therapeutics (JANX) PT Raised to $115 at Stifel

Stifel analyst Bradley Canino raised the price target on Janux Therapeutics (NASDAQ: JANX) to $115.00 (from $70.00) while maintaining a Buy rating.

The analyst comments "The JANX007 (PSMA-TRACTr) phase 1 update (LINK) leads us to increase our PoS for 2L and 3L mCRPC to 50% and 65%, respectively (up from 35% and 50%). We now model riskadjusted sales of $1.7bn from these two opportunities, or $3bn unadjusted, which could still be conservative given Novartis' $5bn sales guidance for Pluvicto (PSMA RLT). Our prostate cancer market model now reflects JANX007 market share at 20% for 2L and 40% for 3L. We preliminarily model path to market based on randomized trials with approvals in 2029E, which is subject to update pending the execution of dose optimization and expansion cohorts. Updated JANX007 data from the phase 1a and 1b in 2/3L patients in 2025 and beyond has the ability to reinforce and further de-risk these estimates. The phase 1a update for JANX008 (EGFR-TRACTr) in 2025 could also provide additional upside, and today isn't reflected in our or investors' valuations."

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