Scotiabank has upgraded JAN Therapeutics (NYSE: JAN) to ‘Outperform’ with a bullish outlook through April 2026, citing the company’s robust clinical pipeline and anticipated regulatory catalysts. The upgrade follows positive interim data from JAN’s Phase 3 trial for its lead oncology drug, JTX-2034, which showed a 42% response rate in refractory patients.
According to analysts, the upgrade reflects confidence in JAN’s ability to secure FDA approval for JTX-2034 by late 2025. ‘The risk-reward profile is compelling given the unmet need in this indication,’ noted a Scotiabank research report seen by Reuters. The bank set a $78 price target, representing a 35% upside from current levels.
JAN’s pipeline includes three other Phase 2 assets, with its autoimmune candidate JTX-3011 expected to report top-line data in Q3 2025. MarketWatch reported last month that short interest in JAN had declined 18% since December, suggesting weakening bearish sentiment.
However, some analysts caution that the stock’s 112% rally over the past year may already price in much of the optimism. ‘Valuation looks stretched unless we see near-perfect execution across all pipeline assets,’ warned Bernstein analyst Sarah Lim in a client note.