BTIG analyst Julian Harrison raised the firm’s price target on Prometheus to $181 from $74 and keeps a Buy rating on the shares after its phase 2 study results for lead program PRA023 in both ulcerative colitis, UC, and Crohn’s disease, CD. The company has set "high watermarks" for the entire inflammatory bowel disease field, with JAK-like efficacy both in UC and CD coupled with a "remarkably clean" safety profile, the analyst tells investors in a research note. PRA023 therapeutic profile is "unprecedented" and likely moves the program to the front of the line in both indications, Harrison adds.
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