Analyst Douglas Tsao from H.C. Wainwright reiterated a Buy rating on Protagonist Therapeutics (PTGX – Research Report) and keeping the price target at $80.00.
Douglas Tsao’s rating is based on the promising developments and strategic decisions made by Protagonist Therapeutics. The company has achieved significant milestones, particularly with the positive Phase 3 trial results for rusfertide in treating polycythemia vera, which has bolstered confidence in its potential as a blockbuster drug. Additionally, the partnership with Janssen has yielded important data for icotrokinra, further validating the company’s pipeline.
Protagonist’s potential decision to opt-out of the profit-sharing agreement with Takeda could provide a substantial upfront payment and royalties, enhancing financial visibility. The company’s robust pipeline, including programs for PN-881, oral hepcidin, and obesity, adds to the optimism. The VERIFY trial’s success, particularly the high clinical response rate and secondary endpoints, underscores rusfertide’s efficacy and safety, setting it apart from other treatments. These factors collectively support the Buy rating, as they indicate strong future growth prospects and strategic positioning.
Tsao covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Neumora Therapeutics, Inc., and Viridian Therapeutics. According to TipRanks, Tsao has an average return of 9.9% and a 40.45% success rate on recommended stocks.
In another report released today, Wedbush also reiterated a Buy rating on the stock with a $70.00 price target.