Why Janux Therapeutics Stock Soared as the Market Sagged Today
Clinical-stage biotech Janux Therapeutics (NASDAQ: JANX) was a standout title on a gloomy Wednesday stock market. As investors fretted about an unfavorable inflation report from the federal government, bulls piled into the company's shares on a report that it might be for sale. As a result, it closed the day almost 12% higher in price, contrasting very sharply with the nearly 1% decline of the bellwether S&P 500 index.
Bloomberg reported that Janux management is considering several options for its future. Among these are a possible sale. Citing unidentified "people with knowledge of the matter," Bloomberg added that this follows expressions of interest from bigger pharmaceutical companies eager to acquire the clinical-stage biotech.
According to the financial news agency's sources, Janux has retained a financial advisor to evaluate these options. The sources stressed that at the moment, there is no guarantee the company will pursue any of them.
Source Fool.com
