Prometheus price target raised to $111 from $66 at RBC Capital

RBC Capital analyst Gregory Renza raised the firm’s price target on Prometheus to $111 from $66 and keeps an Outperform rating on the shares. The analyst cites the company’s topline data for PRA023 bolstered by commentary and investor feedback, while noting that its conference call offered additional details on the "solid results" which continue to impress with its rapid activity onset, low ADA level and limited impact. Renza adds that his increased price target reflects an increase in the probability of success of the IBD programs and deeper penetrations to reflect a robust clinical profile of PRA023.