Janux Therapeutics (NASDAQ:JANX) Sees Unusually-High Trading Volume Following Analyst Upgrade

Janux Therapeutics, Inc. (NASDAQ:JANX) saw strong trading volume on Wednesday after Scotiabank raised their price target on the stock from $42.00 to $62.00. Scotiabank currently has a sector perform rating on the stock. 874,982 shares were traded during mid-day trading, an increase of 17% from the previous session’s volume of 749,550 shares.The stock last traded at $62.16 and had previously closed at $59.86.

Several other research firms have also commented on JANX. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of Janux Therapeutics in a research report on Thursday, November 7th. Stifel Nicolaus raised their price objective on Janux Therapeutics from $70.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group assumed coverage on Janux Therapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $69.00 price objective on the stock. BTIG Research raised their price objective on Janux Therapeutics from $82.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Leerink Partners lifted their target price on Janux Therapeutics from $79.00 to $91.00 and gave the stock an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Janux Therapeutics presently has a consensus rating of “Buy” and an average target price of $79.90.

Insider Buying and Selling

In related news, CEO David Alan Campbell sold 15,000 shares of Janux Therapeutics stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $67.00, for a total value of $1,005,000.00. Following the completion of the transaction, the chief executive officer now directly owns 242,054 shares in the company, valued at approximately $16,217,618. This trade represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ventures Xi L.P. Avalon sold 1,843 shares of Janux Therapeutics stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $50.02, for a total value of $92,186.86. Following the completion of the transaction, the insider now owns 6,371 shares of the company’s stock, valued at approximately $318,677.42. The trade was a 22.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 460,610 shares of company stock worth $21,583,666. Corporate insiders own 29.40% of the company’s stock.

Hedge Funds Weigh In On Janux Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of JANX. Price T Rowe Associates Inc. MD acquired a new position in shares of Janux Therapeutics during the first quarter worth approximately $739,000. Vanguard Group Inc. boosted its position in shares of Janux Therapeutics by 38.6% during the first quarter. Vanguard Group Inc. now owns 1,357,960 shares of the company’s stock worth $51,127,000 after buying an additional 378,477 shares during the period. Algert Global LLC acquired a new position in shares of Janux Therapeutics during the third quarter worth approximately $1,112,000. Ally Bridge Group NY LLC acquired a new position in shares of Janux Therapeutics during the third quarter worth approximately $4,943,000. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Janux Therapeutics during the second quarter worth approximately $1,676,000. 75.39% of the stock is currently owned by institutional investors and hedge funds.

Janux Therapeutics Stock Up 11.7 %

The company has a 50-day moving average price of $49.83 and a 200-day moving average price of $45.81. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -57.12 and a beta of 3.29.

Janux Therapeutics (NASDAQ:JANX) last released its earnings results on Wednesday, November 6th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.18). The firm had revenue of $0.44 million during the quarter, compared to analyst estimates of $1.50 million. Janux Therapeutics had a negative return on equity of 10.47% and a negative net margin of 463.91%. The business’s revenue for the quarter was down 82.6% compared to the same quarter last year. As a group, analysts forecast that Janux Therapeutics, Inc. will post -1.35 earnings per share for the current year.

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.