Janux Jumped 230%

Biotech's Big Day

February 27, 2024

Good evening everyone.

The Russell 2000 continued to rally. The Dow, SPX and Nasdaq finished flat. Utilities were the strongest sector. $XLU lept 1.89%. Healthcare and energy were the only negative sectors. Despite healthcare’s down day, biotech bounced. The equally-weighted biotech ETF, $XBI accelerated +5.7% and closed at its highest price since January 2022.

New 52-Week Highs led New Lows — 232 vs. 12.

See the full sheet here.

The Best of the Best

Janux Therapeutics ($JANX) is the best of the best. The biotech ripped +229% after it released strong data related to its oncology drug candidates. On the positive news, the company announced a $170M common stock offering with a 30-day option for underwriters to purchase an additional $26.25M of shares.

Here’s the dizzying daily chart.

And wild weekly chart.

$JANX has 140 followers on Stocktwit, up from 109 on February 21st.

The Worst of the Worst

Thoughtworks Holdings ($TWKS) is the worst of the worst. The tech consultant tumbled -28.85% after it missed earnings estimates and issued a ~20% decline in quarterly revenue guidance. Read the press release here.

Here’s the daily chart.