Protagonist Therapeutics: Advancing Multi-Asset Inflammation and Obesity Pipeline with Strong Cash Runway Supports Buy Rating

Analyst Yun Zhong of Wedbush maintained a Buy rating on Protagonist Therapeutics, boosting the price target to $86.00.

Yun Zhong has given his Buy rating due to a combination of factors tied to Protagonist Therapeutics’ advancing pipeline and financial strength. He highlights that the updated corporate materials confirm a robust set of 2026 milestones, including detailed royalty projections from partnered drugs, the formal nomination of an oral hepcidin mimetic (PN-8047), and expanded development plans for both the oral IL-17 antagonist PN-881 and obesity-focused candidates such as PN-447 and the newly added dual GLP-1/GIP agonist PN-458. Zhong views the company’s cash position—projected at roughly $678.8M by the end of 3Q25—as sufficient to fund operations through at least the end of 2028, with existing alliances offering additional upside via milestones and royalties. He also notes that PN-8047’s profile suggests efficacy comparable to rusfertide, creating an incremental value driver as it advances into first-in-human studies and potentially into proof-of-concept trials.

Yun Zhong emphasizes that PN-881’s clinical strategy could unlock significant value, particularly with hidradenitis suppurativa identified as a key future indication following an initial focus on psoriasis, mirroring the successful development path of a peer IL-17 asset. In obesity, he believes the multi-asset strategy—anchored by the promising preclinical performance of PN-458 relative to tirzepatide and the staged clinical entry of PN-447—positions the company well to attract strategic partners or acquirers in a high-demand therapeutic area. Moreover, the disclosure of additional early discovery programs, including an oral IL-4Rα antagonist and novel amylin-based agents, supports a longer-term innovation pipeline beyond the near-term catalysts. Overall, Zhong concludes that the combination of de-risking catalysts, strong funding runway, and increasing optionality for partnerships or M&A justifies a Buy rating on PTGX shares.

Zhong covers the Healthcare sector, focusing on stocks such as Wave Life Sciences, Rezolute, and Protagonist Therapeutics. According to TipRanks, Zhong has an average return of -3.4% and a 42.97% success rate on recommended stocks.

In another report released yesterday, TipRanks – Google also reiterated a Buy rating on the stock with a $89.00 price target.