Prometheus price target raised to $125 from $61 at Oppenheimer

Oppenheimer analyst Jeff Jones raised the firm’s price target on Prometheus to $125 from $61 and keeps an Outperform rating on the shares after the company announced significant Phase 2 wins for lead program PRA023 in both ulcerative colitis and Crohn’s disease. Results in UC, with a 25% placebo-adjusted remission rate, exceeded expectations and positions PRA023 as a potential best-in-category contender. This result is further bolstered by the interim CDx readout identifying patients who have potential for a further increased rate of clinical remission, the analyst notes. In CD, results were positive but less dramatic, Jones adds. In both cases, PRA023 demonstrated a clean safety profile.