Protagonist weakness likely a buying opportunity, says BTIG

BTIG analyst Julian Harrison views today’s weakness in Protagonist Therapeutics (PTGX) shares, which the firm attributes to the WCD abstract for FRONTIER-1, as “likely representing a buying opportunity,” the analyst tells investors. The abstract shows PN-235/JNJ-2113 with a positive dose response and competitive efficacy profile compared to Bristol-Myers’ (BMY) Sotyktu, according to the analyst, who expects additional information from FRONTIER-1 to be disclosed tomorrow at the WCD presentation. The analyst, who thinks PN-235/JNJ-2113 could have “a range of blockbuster market opportunities in other I&I indications” beyond psoriasis and is not adjusting estimates at this time, has a Buy rating and $41 price target on Protagonist shares.