Analyst Julian Harrison of BTIG maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report), retaining the price target of $82.00.
Julian Harrison has given his Buy rating due to a combination of factors that highlight the potential of Protagonist Therapeutics’ icotrokinra in the treatment of adolescent psoriasis. The recent data from the ICONIC-LEAD study presented at the World Congress of Pediatric Dermatology showcased icotrokinra’s efficacy and safety, positioning it as a promising oral treatment option. The drug demonstrated significant improvements in key efficacy endpoints such as IGA 0/1 and PASI90, outperforming existing treatments like Otezla and showing comparable results to Stelara.
Moreover, icotrokinra’s safety profile was favorable, with fewer adverse events reported compared to placebo, and no new safety concerns emerged. Financially, Protagonist Therapeutics has already secured substantial milestone payments and remains eligible for further significant payments, indicating strong commercial potential. The company’s management anticipates additional milestone achievements in the coming years, which could further enhance its financial position. These factors collectively support the Buy rating, reflecting confidence in the company’s growth prospects and the potential market impact of icotrokinra.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $68.00 price target.
PTGX’s price has also changed slightly for the past six months – from $43.590 to $40.890, which is a -6.19% drop .