Why Janux Therapeutics Crushed the Market Today

News of an analyst's price-target hike plus a new round of capital-raising were the sparks that ignited Janux Therapeutics (NASDAQ: JANX) stock on Wednesday. The clinical-stage biotech's share price ended the day nearly 12% higher, and this was on a very good day for the exchange with the S&P 500 rising by 0.6%.Well before market open, Scotiabank pundit George Farmer aggressively raised his price target on Janux, cranking it nearly 50% higher to $62 per share. That doesn't necessarily make him a bull, though, as he maintained his recommendation of sector perform (hold, in other words). According to reports, Farmer wrote that the biotech company's current phase 1 trial of its JANX007 prostate cancer treatment is rather promising so far. That said, the analyst believes Janux hasn't yet honed a sharp competitive edge and isn't yet an attractive enough target for a pharmaceutical company to acquire it. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool