H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating on Protagonist Therapeutics (PTGX – Research Report) today and set a price target of $80.00.
Douglas Tsao has given his Buy rating due to a combination of factors, primarily focusing on the promising results from Protagonist Therapeutics’ icotrokinra in treating adolescent plaque psoriasis. The subgroup analysis from the ICONIC-LEAD study revealed that a significant majority of adolescents achieved clear skin after treatment, highlighting the potential preference for oral therapies in this demographic.
Furthermore, icotrokinra has already demonstrated its superiority over other oral treatments in psoriasis, such as Sotyktu, and is expected to perform well in upcoming head-to-head studies against injectable treatments like Stelara. The anticipated NDA filing in late 2025 and the favorable safety profile further strengthen the case for a Buy rating. Tsao’s valuation is also supported by a robust risk-adjusted revenue estimate and a high probability of success for Protagonist’s other pipeline candidates, despite acknowledging potential risks in clinical development and market competition.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $68.00 price target.