10 Best Hot Stocks To Buy Right Now

7. Janux Therapeutics, Inc. (NASDAQ:JANX)

Number of Hedge Fund Holders: 31

Year-to-Date Share Price Gains: 303.81%

Average Price Target Upside: 49.44%

Janux Therapeutics, Inc. (NASDAQ:JANX) is a clinical-stage biopharmaceutical company working on cancer treatments that activate the immune system to fight tumors. It has developed two special platforms: Tumor Activated T Cell Engagers (TRACTr) and Tumor Activated Immunomodulators (TRACIr).

The platforms aim to create safe and effective therapies that help the immune system destroy tumors while minimizing side effects. The company is developing a variety of TRACTr and TRACIr treatments for solid tumors.

Right now, it has two TRACTr treatments in clinical trials: one targets Prostate-Specific Membrane Antigen (PSMA) for prostate cancer, and the other targets Epidermal Growth Factor Receptor (EGFR) for colorectal, lung, head and neck, and kidney cancers.

Janux Therapeutics (NASDAQ:JANX) has two primary candidates JANX007 (targeting PSMA for prostate cancer) and JANX008 (targeting EGFR for various solid tumors). The lead candidate, JANX007, is in a Phase 1 trial for metastatic castration-resistant prostate cancer, while JANX008 is also in a Phase 1 trial for various solid tumors.

As of June 30, 2024, the company reported $646.3 million in cash and investments, an increase from $344 million at the end of 2023. The company’s research and development expenses for the second quarter of 2024 remained consistent at $14.9 million, matching the previous year’s figures.

However, general and administrative expenses rose to $7.8 million, up from $6.9 million in 2023. Additionally, Janux (NASDAQ:JANX) experienced a reduced net loss of $6.0 million for the quarter, a significant improvement compared to a net loss of $17.5 million in the same period last year.

Overall, the company’s financial performance reflects a strong cash position and effective cost management, which positions it for continued growth and advancement in its clinical programs.

Out of 912 hedge funds tracked by Insider Monkey in the second quarter, 31 had stakes in Janux Therapeutics (NASDAQ:JANX) with positions worth $974.191 million. As of June 30, RA Capital Management has a position worth $383.949 million in the company, making it the most prominent shareholder.