Why Janux Therapeutics Shares Rose 33.1% This Week
Shares of Janux Therapeutics (NASDAQ: JANX), which specializes in immunotherapies to treat cancer, rose 33.1% this week, according to data from S&P Global Intelligence. The stock closed at $13.07 last Friday, opened at $13.27 on Monday, and climbed throughout the week, rising as high as $18.15 before closing at $17.50 on Friday. The stock is down more than 11% this year.
The clinical-stage biopharmaceutical company's shares have been rising since it announced on Oct. 12 that its first patient had been dosed in its Phase 1 clinical trial of JANX007 to treat metastatic castration-resistant prostate cancer. The news was a milestone for Janux as JANX007 is the company's first product candidate using its Tumor Activated T Cell Engager (TRACTr) platform to engage T cells to fight tumors.
It's an early but key step for the company's lead product candidate, which had its investigational new drug (IND) application approved by the Food and Drug Administration in May. The announcement of the beginning of JANX007's first trial was expected, but still a sign of progress.
Source Fool.com
