Protagonist data suggests ‘very strong profile’ for JNJ-2113, says Jefferies

Jefferies analyst Roger Song says Protagonist Therapeutics’ (PTGX) full WCD23 data presentation “suggests a very strong profile” for JNJ-2113, noting that the data show the PASI is approaching/exceeding Tremfya along with a “supportive” IGA and pbo-like safety/tolerability without dose dependence. The firm, which sees JNJ-2113 “setting new efficacy/safety bars” for oral therapy in psoriasis, notes that partner Johnson & Johnson (JNJ) is moving into Phase 3 psoriasis and Phase 2b in ulcerative colitis. Jefferies has a Buy rating and $49 price target on Protagonist shares.