Analyst Evan Seigerman of BMO Capital reiterated a Buy rating on Protagonist Therapeutics, with a price target of $72.00.
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Evan Seigerman has given his Buy rating due to a combination of factors that highlight the promising potential of Protagonist Therapeutics’ icotrokinra. The full Phase 2b data presented at the UEG Conference reinforced the strong top-line results previously released, showcasing a differentiated clinical response rate among oral competitors. The 400mg QD treatment with icotrokinra demonstrated a 63.5% clinical response rate, significantly higher than placebo-adjusted rates seen with other oral agents like ozanimod and etrasimod.
Additionally, discussions at the conference suggested that icotrokinra’s efficacy does not yet show a plateau, indicating potential for even better outcomes with extended treatment. The data also showed competitive results with injectable agents, which could be further validated in a planned Phase 3 trial. The presence of a higher percentage of bioexperienced patients in the study also supports the drug’s efficacy, suggesting even greater potential in less biologically exposed populations. These factors collectively support the decision to maintain a Buy rating for Protagonist Therapeutics.
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.