Analyst Yun Zhong from Wedbush maintained a Buy rating on Protagonist Therapeutics and keeping the price target at $70.00.
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Yun Zhong has given his Buy rating due to a combination of factors that highlight the promising potential of Protagonist Therapeutics’ icotrokinra. The recent presentations at EADV showcased detailed data from the ICONIC-ADVANCE 1&2 studies, which confirmed icotrokinra’s superior efficacy compared to Sotyktu. This was evidenced by statistically higher response rates on both primary and secondary endpoints, with significant improvements observed from week 16 to week 24. Furthermore, icotrokinra demonstrated a rapid onset of action and maintained its efficacy over a longer period, with sustained responses noted in the ICONIC-LEAD study.
Additionally, the safety profile of icotrokinra was favorable, with lower adverse event and infection rates compared to both placebo and Sotyktu. The strong data from these studies support the potential for FDA and EMA approvals in psoriasis, and exploratory analyses suggest promising efficacy in psoriatic arthritis. With ongoing Phase 3 studies in additional indications and potential future studies in inflammatory bowel disease, Protagonist Therapeutics is well-positioned for growth, justifying the Buy rating.
In another report released yesterday, Leerink Partners also reiterated a Buy rating on the stock with a $0.00 price target.