Janux Therapeutics initiated with a Buy at BTIG

BTIG initiated coverage of Janux Therapeutics with a Buy rating and $62 price target. The company’s two lead pipeline assets include safer versions of CD3 bispecifics targeting two extensively studied tumor targets – prostate-specific membrane antigen, PSMA, with JANX007 and epidermal growth factor receptor, EGFR, with JANX008, the analyst tells investors in a research note. After reporting robust platform and assets validating data this year, Janux shares offer a favorable risk-reward profile, while its strong cash position of $344.0M and net proceeds of $320M of recent financing strengthen the company’s balance sheet and provide a runway through material inflection points, the firm added.