Janux Therapeutics, Inc. (NASDAQ:JANX) on Thursday announced a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb Co. (NYSE:BMY).
San Diego-based Janux will receive up to $50 million in upfront and near-term milestone payments, with potential total payments reaching approximately $800 million, including royalties on global product sales.
The collaboration allows Janux to complete preclinical development up to Investigational New Drug (IND) submission, while Bristol Myers Squibb will take charge of subsequent development and commercialization.
The U.S. Food and Drug Administration (FDA) IND submission is a formal request to start testing a new drug in human participants.
The collaboration is expected to enhance Janux’s capabilities in developing novel immunotherapies targeting solid tumors, with the company actively involved in supporting Bristol Myers Squibb through the first Phase 1 clinical study.
A Janux Milestone
The agreement marks a significant milestone for Janux, validating the strength of its tumor-activated platforms.
William Blair on Thursday wrote that, “We view the collaboration with Bristol Myers as further validation of Janux's tumor-activated platform.”
“We believe repeated interest from large pharma reinforces the differentiation of Janux's tumor-activated platform,” analyst Matt Phipps wrote.
In 2020, Janux collaborated with Merck & Co. Inc. (NYSE:MRK) for T-cell engager immunotherapies for cancer.
Janux was eligible to earn up to $500.5 million per target in upfront and milestone payments plus royalties on sales of any product derived from the collaboration. Merck will fund research and development performed under the collaboration.
Analyst Phipps said that the focus in 2026 clearly remains on clinical updates from expansion cohorts of JANX007, which will be key to regaining confidence in the program, as well as on updates from JANX008, including potential dose-escalation data and selected tumors for dose expansion.
JANX Struggles to Regain Momentum
Currently, the stock is trading 1.6% above its 20-day simple moving average (SMA) but is 27.8% below its 50-day SMA, highlighting a struggle to regain momentum in the longer term. Shares have decreased approximately 66.97% over the past 12 months and are positioned closer to their 52-week lows than highs, reflecting ongoing challenges in the stock’s performance.
The RSI is at 31.96, which is considered neutral territory, while the MACD is above its signal line, indicating bullish momentum. The combination of neutral RSI and bullish MACD suggests mixed momentum for the stock.
- Key Resistance: N/A
- Key Support: $13.50
Analyst Consensus & Recent Actions:
The stock carries a Buy Rating with an average price target of $61.76. Recent analyst moves include:
- Clear Street: Downgraded to Hold (Lowers Target to $12.00) (Jan. 20)
- Piper Sandler: Overweight (Lowers Target to $30.00) (Jan. 16)
- Barclays: Overweight (Lowers Target to $29.00) (Dec. 17, 2025)
JANX Scores Bullish on Benzinga Edge
Below is the Benzinga Edge scorecard for Janux Therapeutics, highlighting its strengths and weaknesses compared to the broader market:
- Momentum: Bullish (Score: 1.4) — Stock is outperforming the broader market.
The Verdict: Janux Therapeutics’s Benzinga Edge signal reveals a classic ‘High-Flyer’ setup. While the Momentum (1.4) confirms the strong trend, the extremely low Value (N/A) score warns that the stock is priced for perfection—investors should ride the trend but use tight stop-losses.
JANX Price Action: Janux Therapeutics shares were up 7.69% at $14.29 on Thursday, according to Benzinga Pro data.
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