By Mackenzie Tatananni

Janux Therapeutics stock surged Tuesday after the company found success during a Phase I trial for a novel prostate cancer treatment.

Shares of the California-based biopharmaceutical company climbed 70% to $68.28 Monday, snapping a five-day losing streak, after Janux reported promising results during a Phase I clinical trial for JANX007, a treatment for patients with advanced-stage prostate cancer.

All 16 patients, who were "heavily pre-treated," achieved a reduction in prostate-specific antigen levels of at least 50%. Higher levels of the protein are generally associated with cancer.

Wedbush analysts led by Robert Driscoll described the results as "encouraging," noting that they "remain impressed by trial progress." The firm rates the stock at Outperform with a price target of $75.

JANX007, a tumor-activated T-cell engager, works by recruiting white blood cells to identify and attack cancer cells. Based on the latest results, two once-weekly step dose regimens have been selected for expansion trials directed at patients with two or three prior lines of therapy.

"We look forward to rapidly advancing JANX007 into second and third-line therapy where a substantial unmet need remains," Janux CEO David Campbell. "This is an exciting day for Janux, but more importantly the prostate cancer patients we serve."

The company will host a live webcast Tuesday at 4:30 p.m. Eastern to discuss the trial results.

Janux wasn't the only stock on the move Monday. Shares of Vir Biotechnology, an immunology research company that focuses on infectious diseases, was up 14% to $9.27.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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December 03, 2024 10:39 ET (15:39 GMT)

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