Prometheus price target raised to $114 from $67 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Prometheus Biosciences (RXDX) to $114 from $67 and keeps an Overweight rating on the shares. The stock in late morning trading is up 169% to $97.02. The analyst views the PRA023 data as "stellar" and believes Prometheus is well positioned to conduct the Phase 3 design. Today’s data establishes PRA023’s high efficacy in ulcerative colitis and Crohn’s disease as a whole in the "all-comer population and offers a unique opportunity for a precision medicine approach with TL1A, which ultimately supports further pipeline expansion into other inflammatory diseases," Rahimi tells investors in a research note. She believes Prometheus’s current evaluation is a good comp in inflammatory bowel disease to Arena Pharmaceuticals with etrasimod that was acquired by Pfizer (PFE) for $6.7B.