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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on RXDX:
- Prometheus Biosciences, Inc. Announces Proposed Public Offering of Common Stock
- Prometheus Biosciences Shares Tripled Today after Positive Drug Results
- Prometheus price target raised to $114 from $67 at Piper Sandler
- Stifel ‘thoroughly impressed’ with Prometheus’ data in UC and CD
- Prometheus shares should be up ‘meaningfully’ after UC/CD data, says Wells Fargo