H.C. Wainwright analyst Douglas Tsao has reiterated their bullish stance on PTGX stock, giving a Buy rating today.
Douglas Tsao has given his Buy rating due to a combination of factors that highlight the promising potential of Protagonist Therapeutics’ oral psoriasis treatment, icotrokinra. The recent positive data from the Phase 3 ICONIC-ADVANCE trials, along with additional supportive results from the ICONIC-LEAD study, demonstrate that icotrokinra is setting a new benchmark for oral therapies in psoriasis. Notably, nearly half of the patients achieved completely clear skin, indicating a significant advancement in treatment efficacy.
Furthermore, icotrokinra’s safety profile is favorable, with adverse events comparable to placebo and no new safety concerns, aligning with the well-established safety record of the IL-23 mechanism. The drug’s efficacy in surpassing competitors like Sotyktu and its potential to challenge existing market leaders such as Otezla further strengthen its market position. Additionally, the initiation of a head-to-head study comparing icotrokinra with an injectable biologic underscores its potential to capture a significant share of the market, especially among patients who prefer oral treatments over injections.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $61.00 price target.