In a report released today, Roger Song from Jefferies maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report), with a price target of $68.00.
Roger Song has given his Buy rating due to a combination of factors that highlight the potential of Protagonist Therapeutics’ Icotrokinra (Ico) in the treatment of psoriasis. The proprietary statistical analysis conducted by Jefferies suggests that Ico demonstrates meaningful superiority over Sotyktu, a TYK2 inhibitor, in Phase 3 head-to-head studies. This positions Ico as a promising oral treatment with biologic-like efficacy, which could lead to a positive stock movement, especially after the recent market pullback.
Furthermore, Ico is the only oral IL-23 receptor antagonist showing such efficacy, which could address a significant portion of the psoriasis market, potentially reaching over $6 billion in peak adjusted U.S. sales. The anticipated head-to-head comparison with injectable biologics like Stelara by partner JNJ further underscores its potential to capture the first-line treatment market. These factors, combined with the scarcity value of Ico as a unique oral treatment option, contribute to Roger Song’s optimistic outlook and Buy rating for Protagonist Therapeutics.
In another report released on March 27, Wedbush also reiterated a Buy rating on the stock with a $70.00 price target.