Wedbush analyst Yun Zhong has reiterated their bullish stance on PTGX stock, giving a Buy rating today.
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 Protagonist Therapeutics’ promising prospects. The recent data from the Phase 2 ANTHEM study in ulcerative colitis, along with the initiation of a Phase 3 program in both ulcerative colitis and Crohn’s disease by their partner JNJ, have led to an increase in the price target from $70 to $86. This reflects the potential value addition from icotrokinra’s application in Crohn’s disease and the adjustment of the discount period.
Furthermore, the strong maintenance of efficacy shown in the 28-week data, along with a favorable safety profile, supports the drug’s potential in the market. The ongoing Phase 3 studies in inflammatory bowel disease and the positive readthrough from Novartis’ acquisition of Avidity Biosciences suggest a potential premium valuation for Protagonist Therapeutics. These factors, combined with the emerging data from their IL-17 and obesity programs, position the company favorably for future M&A discussions.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.