H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating on Protagonist Therapeutics today and set a price target of $80.00.
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Douglas Tsao has given his Buy rating due to a combination of factors that highlight the promising potential of Protagonist Therapeutics’ lead drug, icotrokinra. Recent data from the Phase 2b ANTHEM-UC study demonstrated sustained efficacy in treating ulcerative colitis, with significant improvements observed at both 12 and 28 weeks. The drug showed impressive clinical response, remission, and endoscopic improvement rates, which suggest its potential as a leading oral treatment option in inflammatory and immune conditions.
Furthermore, the strategic interest from Johnson & Johnson, which is considering acquiring Protagonist, underscores the financial and strategic value of icotrokinra. This interest is likely driven by the drug’s revenue potential and its ability to complement Johnson & Johnson’s existing portfolio. Additionally, icotrokinra’s favorable safety profile and potential for use in combination therapies enhance its attractiveness. These factors collectively support Tsao’s optimistic outlook and Buy rating for Protagonist Therapeutics’ stock.
In another report released on October 20, Citi also maintained a Buy rating on the stock with a $96.00 price target.