盘前暴跌超40%：JanuxPSMA/CD3疗效下滑！可能的原因有哪些？

Core Viewpoint - Janux Therapeutics experienced a significant decline in stock price due to disappointing clinical trial results for its drug candidate JANX007, which showed lower efficacy in prostate cancer treatment than previously reported [1][15][18]. Group 1: Clinical Data and Efficacy - The latest data from the early-stage study of JANX007 indicated a drop in overall response rate (ORR) from 50% to 30%, with PSA50 at 73% and PSA90 at 26% [13][21]. - The median radiographic progression-free survival (rPFS) for all subjects was reported at 7.3 months, with variations across different dosing regimens [10]. - The patient baseline characteristics showed a median age of 68 years and a median of 4 prior lines of therapy for metastatic castration-resistant prostate cancer (mCRPC) [8]. Group 2: Safety Profile - Safety data revealed that cytokine release syndrome (CRS) was reported in 105 patients across all grades, with 36 cases classified as Grade 1 and 9 as Grade 3 [12]. - Other common adverse events included diarrhea (61%), nausea (22%), and fatigue (44%) [12]. - The safety profile indicates a range of side effects, which may impact the drug's marketability and acceptance [12]. Group 3: Market Reaction and Financial Impact - Following the release of the disappointing data, Janux Therapeutics' stock price plummeted by 44%, resulting in a market capitalization of approximately $1.2 billion [4][1]. - The previous year's positive early data had led to a 66% increase in stock price, highlighting the volatility and sensitivity of investor sentiment to clinical trial outcomes [1]. Group 4: Strategic Adjustments - Janux Therapeutics is shifting its clinical strategy from focusing on late-line treatment scenarios to prioritizing frontline treatment options for prostate cancer [20]. - The company aims to address the challenges posed by the observed decline in efficacy and safety concerns, potentially altering its approach to drug development and market positioning [21].