Jonathan Wolleben, an analyst from JMP Securities, reiterated the Buy rating on Protagonist Therapeutics (PTGX – Research Report). The associated price target remains the same with $61.00.
Jonathan Wolleben has given his Buy rating due to a combination of factors including the promising results from the Phase 3 trials of icotrokinra. The trials, named ADVANCE 1 and 2, demonstrated that icotrokinra surpassed the performance of the approved oral TYK2 inhibitor, Sotyktu, by achieving key primary and secondary endpoints. This suggests that icotrokinra could potentially become the leading oral treatment option in its category.
Additionally, the Phase 3 ICONIC-LEAD data presented at the American Academy of Dermatology meeting showed that nearly half of the patients achieved complete skin clearance, with improvements noted over time. The strong efficacy profile of icotrokinra, coupled with its unique position as the only oral IL-23 in development, supports the expectation of its approval and significant market potential, with projected peak sales exceeding $5 billion. These factors collectively underpin the positive outlook and Buy rating for Protagonist Therapeutics’ stock.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $57.00 price target.
Based on the recent corporate insider activity of 34 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.