Guggenheim analyst Yatin Suneja raised the firm’s price target on Prometheus to $185 from $75 and keeps a Buy rating on the shares, stating that the company reported "game-changing efficacy" in its Phase 2 trial for its precision-enabled anti-TL1A mAb PRA023 in Ulcerative colitis and Crohn’s disease. Given these "very robust results," clean safety and compelling profile, PRA023 "enters uncharted waters in the IBD space" and could be first-line therapy if Prometheus can replicate these data in Phase 3, said Suneja, who is increasing the firm’s peak sales forecast to about $4.2B from about $3B.
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