JMP Securities lowered the firm’s price target on Protagonist Therapeutics (PTGX) to $43 from $45 and keeps an Outperform rating on the shares. JMP continues to be impressed with management’s execution with timelines remaining on track in polycythemia vera and candidate selections for the next indications coming in the near term and is optimistic about the upcoming VERIFY data given the derisking Phase 2 data and Takeda (TAK) opting in for rights earlier this year, which provides external validation from a blue chip partner, the analyst tells investors in a research note. The firm also likes Johnson & Johnson’s (JNJ) broad investment in JNJ-2113.
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