Janux Therapeutics (NASDAQ:JANX) Stock Price Up 8.5% – Here’s What Happened

Janux Therapeutics, Inc. (NASDAQ:JANX)’s stock price shot up 8.5% during mid-day trading on Friday . The company traded as high as $30.47 and last traded at $29.7810. 605,513 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 933,774 shares. The stock had previously closed at $27.46.

Analyst Upgrades and Downgrades

JANX has been the topic of several analyst reports. Piper Sandler assumed coverage on Janux Therapeutics in a report on Monday, August 18th. They set an “overweight” rating and a $42.00 target price on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 price objective on shares of Janux Therapeutics in a report on Wednesday, September 10th. Truist Financial assumed coverage on shares of Janux Therapeutics in a report on Wednesday, September 10th. They set a “buy” rating and a $100.00 target price on the stock. Barclays upped their price target on shares of Janux Therapeutics from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Wedbush reissued an “outperform” rating and issued a $76.00 price objective on shares of Janux Therapeutics in a research report on Friday, November 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.17.

Janux Therapeutics Trading Up 6.6%

The company has a market cap of $1.76 billion, a price-to-earnings ratio of -17.43 and a beta of 2.83. The business’s 50 day moving average price is $25.50 and its 200-day moving average price is $25.19.

Janux Therapeutics (NASDAQ:JANX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.21. The company had revenue of $10.00 million for the quarter, compared to analyst estimates of $3.07 million. Equities research analysts forecast that Janux Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Insider Transactions at Janux Therapeutics

In other Janux Therapeutics news, insider Andrew Hollman Meyer sold 16,665 shares of the stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $30.06, for a total transaction of $500,949.90. Following the transaction, the insider owned 82,139 shares in the company, valued at $2,469,098.34. This trade represents a 16.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Janux Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. RA Capital Management L.P. raised 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 worth $302,122,000 after purchasing an additional 824,041 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Janux Therapeutics by 19.4% during the first quarter. Adage Capital Partners GP L.L.C. now owns 3,654,574 shares of the company’s stock worth $98,673,000 after purchasing an additional 592,824 shares during the period. Orbimed Advisors LLC increased its holdings in shares of Janux Therapeutics by 59.6% during the second quarter. Orbimed Advisors LLC now owns 1,210,300 shares of the company’s stock worth $27,958,000 after purchasing an additional 451,734 shares during the period. First Light Asset Management LLC raised its position in shares of Janux Therapeutics by 110.0% in the first quarter. First Light Asset Management LLC now owns 658,824 shares of the company’s stock valued at $17,788,000 after buying an additional 345,042 shares in the last quarter. Finally, MPM Bioimpact LLC grew its position in Janux Therapeutics by 146.6% during the first quarter. MPM Bioimpact LLC now owns 567,193 shares of the company’s stock worth $15,314,000 after buying an additional 337,193 shares in the last quarter. 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.