Tara Bancroft, an analyst from TD Cowen, maintained the Buy rating on Protagonist Therapeutics (PTGX – Research Report). The associated price target remains the same with $65.00.
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Tara Bancroft has given her Buy rating due to a combination of factors related to Protagonist Therapeutics’ promising clinical trial results and potential market opportunities. The Phase III VERIFY study for rusfertide in polycythemia vera met its primary endpoint with a significant clinical response rate, indicating a strong therapeutic effect. This success positions rusfertide as a potential treatment option for a substantial portion of patients, with market estimates suggesting a peak opportunity of $1-2 billion.
Additionally, the company’s icotrokinra has shown superior efficacy in Phase III studies for psoriasis, outperforming existing treatments like Sotyktu. The positive outcomes from these trials, including high rates of patients achieving significant clinical benchmarks, support the potential for successful NDA filings. These developments, along with planned expansions into other therapeutic areas, underpin Bancroft’s optimistic outlook and Buy rating for Protagonist Therapeutics.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTGX in relation to earlier this year.