Protagonist Therapeutics (PTGX) has received a new Buy rating, initiated by Leerink Partners analyst, Faisal Khurshid.
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Faisal Khurshid has given his Buy rating due to a combination of factors that highlight the potential of Protagonist Therapeutics’ innovative drug discovery platform. The company has developed two promising assets, rusfertide and icotrokinra, which are on the brink of commercialization in significant markets. These assets are backed by partnerships with major pharmaceutical companies, providing confidence in their commercial prospects and ensuring attractive royalty economics for Protagonist Therapeutics.
Rusfertide and icotrokinra are considered category-defining medicines, with the potential to generate substantial royalty revenue for the company. Rusfertide has shown positive results in treating polycythemia vera, a hematology disorder, and has received breakthrough therapy designation from the FDA. Meanwhile, icotrokinra offers a convenient oral treatment option for large autoimmune indications, with positive Phase 3 data in psoriasis. These developments underscore the strength of Protagonist Therapeutics’ discovery engine and execution capabilities, supporting the Buy rating.
In another report released on September 10, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.
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.