Where is Janux Therapeutics (JANX) Headed According to Analysts?

Janux Therapeutics, Inc. (NASDAQ:JANX) is one of the best immunotherapy stocks to buy according to hedge funds. JonesTrading maintained a Buy rating on Janux Therapeutics, Inc. (NASDAQ:JANX) on January 23, setting a price target of $50.00. The rating update came after Janux Therapeutics, Inc. (NASDAQ:JANX) announced on January 22 a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb, under which the two companies would develop an undisclosed, novel, tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types.

David Campbell, Ph.D., President and CEO of Janux Therapeutics, Inc. (NASDAQ:JANX), stated that the collaboration marks a notable milestone for the company and validates the strength of its tumor-activated platforms while expanding its reach in solid tumor oncology. The terms of the agreement entail that the completion of the preclinical development up to IND submission would be undertaken by Janux Therapeutics, Inc. (NASDAQ:JANX), while Bristol Myers Squibb will hold the IND and be involved with the subsequent development and global commercialization. Janux Therapeutics, Inc. (NASDAQ:JANX) would remain actively involved in the process, supporting Bristol Myers Squibb through completion of the first Phase 1 clinical study.

Janux Therapeutics, Inc. (NASDAQ:JANX) is a preclinical stage biopharmaceutical company that develops therapeutics based on the Tumor Activated T Cell Engager platform technology. The company develops tumor-activated immunotherapies for cancer through two bispecific platforms: Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr).

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Disclosure: None. This article is originally published at Insider Monkey.