Advancing, De-Risked Pipeline and Near-Term Regulatory Catalysts Underpin Protagonist Therapeutics Buy Rating

Analyst Yun Zhong from Wedbush maintained a Buy rating on Protagonist Therapeutics and keeping the price target at $86.00.

Yun Zhong has given his Buy rating due to a combination of factors tied to Protagonist Therapeutics’ advancing pipeline and de‑risked lead asset. The company and Takeda have now submitted an NDA for rusfertide in polycythemia vera on the timeline previously guided, supported by Phase 3 data that showed robust efficacy and sustained benefit over a year, as well as extension‑study results confirming durability. Regulatory advantages such as Breakthrough Therapy, Fast Track, and Orphan Drug status increase the odds of an expedited review, and commentary from specialists suggests rusfertide could significantly change treatment practice, supporting strong commercial potential. In addition, the Takeda partnership structure, including profit‑sharing in the U.S. and tiered royalties ex‑U.S., plus an option to shift to a higher‑royalty, milestone‑heavy opt‑out model, provides meaningful economic upside under multiple strategic paths.

Yun Zhong’s rating is also based on the breadth of late‑ and mid‑stage assets that he believes can drive substantial value beyond rusfertide. Icotrokinra, partnered with Johnson & Johnson, is already under regulatory review in the U.S. and Europe for psoriasis, and key opinion leaders view its safety profile and validated IL‑23 mechanism as supportive of blockbuster‑level sales potential, with an FDA decision expected around the third quarter of 2026. Additional early‑stage programs, including the oral IL‑17 antagonist PN‑881 and the triple GLP/GIP/glucagon agonist PN‑477 for obesity, are slated for important clinical milestones in 2026, expanding the company’s opportunity set in large markets. Collectively, the near‑term regulatory events, strong clinical validation, and multiple emerging pipeline catalysts underpin Zhong’s conviction that Protagonist’s risk‑reward profile justifies a Buy recommendation.

In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $110.00 price target.