Janux Therapeutics (JANX) shares are -38.5% YTD as a name that screened as a promising Biotech on and 2/26 an unusual buy of 2000 August $25 ITM calls valued over $2M opened while 1500 May $50 calls from 1/21 are -44% holding in open interest. JANX has a $1.9B market cap trading 1.85X Cash and a clinical-stage name with no real forecasts for revenues/earnings through 2027. Short interest has surged to 15.8% of the float from 5% in September.

JANX develops immunotherapies based on Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr) platforms technology to treat patients suffering from cancer. The company’s clinical candidates comprise JANX007, a prostate-specific membrane antigen or PSMA-TRACTr, which is in Phase 1 clinical trial in adults for the treatment of metastatic castration-resistant prostate cancer (mCRPC) and the vasculature of other tumors; and JANX008, an epidermal growth factor receptor or EGFR-TRACTr that is in Phase 1 clinical trial for the treatment of multiple solid cancers, including colorectal cancer, squamous cell carcinoma of the head and neck, non-small cell lung cancer, and renal cell carcinoma.

JANX continues to enroll patients in Phase 1 studies of PSMA-targeted Tumor Activated T Cell Engager JANX007 and EGFRtargeted TRACTr JANX008, with clinical updates expected for both programs in 2025. JANX was a name OpCo named as a likely M&A target in 2025. Stifel raised its target for JANX to $115 in December saying JANX007 Phase 1 update increases its views of the odds of success for second-line and third-line metastatic castration-resistant prostate cancer to 50% and 65%, up from 35% and 50%, and now models risk-adjusted sales of $1.7B from these two opportunities, or $3B unadjusted.