Analyst Yun Zhong from Wedbush maintained a Buy rating on Protagonist Therapeutics and keeping the price target at $70.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Yun Zhong has given his Buy rating due to a combination of factors that highlight the potential of Protagonist Therapeutics’ icotrokinra. The drug’s mechanism of action, targeting IL-23, is gaining traction as a front-line therapy for inflammatory bowel disease (IBD) due to its durable treatment effects and favorable safety profile. The convenience of a once-daily oral medication further differentiates icotrokinra, although its long-term efficacy still needs confirmation through ongoing Phase 3 studies.
Additionally, icotrokinra’s potential extends beyond IBD, with promising results in treating extraintestinal manifestations such as joint and skin conditions. The drug’s efficacy in psoriasis and its ongoing studies in psoriatic arthritis suggest it could be a strong option for patients with these complications. The combination of these therapeutic benefits and the unmet needs in the market supports the view that icotrokinra could become a blockbuster drug, justifying the Buy rating.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTGX in relation to earlier this year.