Cantor Fitzgerald initiated coverage on Janux Therapeutics Inc JANX, citing the company’s TRACTr/TRACir platform to target numerous tumor antigens and cancer types.
The analyst suggests that although the model primarily relies on JANX007, the company’s product for metastatic castration-resistant prostate cancer (mCRPC), which can significantly increase the current valuation, and Cantor incorporates a conservative estimate of $350 million for the technological value of JANX’s platform due to its versatile and robust potential.
Cantor says clinical data from lead asset JANX007 is early but compelling, setting the stage for the rest of the portfolio and platform.
Cantor initiates with an overweight rating and a price target of $100.
“As a leader in this emerging and now highly compelling T-cell engagers (TCE) space, we see tremendous opportunity ahead for JANX – the potential for multiple best-in-class blockbuster products, lucrative partnerships, and likely a significant degree of strategic interest,” Cantor analyst writes.
Cantor analyst estimates JANX007 could be a product with peak US sales of $1.3 billion by 2031, assuming a launch in 2029.
Analyst Josh Schimmer notes that JANX007 faces some intense competition and will need to maintain a compelling profile and/or combine well with other therapies to thrive commercially.
Janux, according to Cantor’s notes, is in a strong financial position, boasting a cash balance of approximately $344 million in 2023.
Additionally, the company announced a capital raise of $296.5 million in February 2024.
This funding is intended to support the advancement of JANX007 and other ongoing programs, such as JANX008, a preclinical TROP2 TCE, and their TRACIr platform.
Furthermore, Janux aims to utilize its modular platform to develop optimized TCEs targeting various objectives.
Price Action: JANX shares are up 4.31% at $40.30 on the last check Wednesday.
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