Piper Sandler ‘excited’ about Protagonist ahead of PN-235 data

Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $35 price target on Protagonist Therapeutics. The analyst noted that Protagonist shares have been up roughly 30% over the past month, likely in anticipation of the JNJ PN-235 with Phase 2 FRONTIER 1 data in psoriasis. Rahimi said the firm is "excited" about Protagonist ahead of PN-235 data, noting that management previously commented that PK and PD from FIH phase 1 in HVs was aligned to preclinical models.