Wells Fargo analyst Derek Archila raised the firm’s price target on Prometheus to $164 from $71 and keeps an Overweight rating on the shares after updating his model to reflect the positive Phase 2 ulcerative colitis and Crohn’s disease data, and solid trends on its CDx+ approach. Given the data, the analyst thinks Prometheus has meaningful scarcity value for two reasons, namely market leading efficacy in UC all-comers and even better in CDx + pts; while the CDx+ approach will be further validated in the expanded cohort in Q2 2023, Wednesday’s data is highly meaningful because it was done prospectively in Prometheus’ Phase 2 trials.
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Published first on TheFly
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