Protagonist Therapeutics (PTGX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Geoff Meacham from Citi maintained a Buy rating on the stock and has a $72.00 price target.
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Geoff Meacham has given his Buy rating due to a combination of factors related to Protagonist Therapeutics’ innovative developments. The company recently introduced a promising new oral obesity candidate, PN477, which is a triple agonist targeting GLP-1, GIP, and glucagon receptors. This candidate stands out as it offers the potential for oral administration, unlike many competitors that are injectable, positioning it as potentially first in its class.
Preclinical data for PN477 has shown strong efficacy across various animal models, including diet-induced obesity in mice, normal dogs, and cynomolgus monkeys, indicating its potential effectiveness. Despite the competitive landscape with over 30 similar candidates in development, the initial results are promising enough for Meacham to maintain a Buy rating, with a target price of $72, reflecting an expected share price return of 30.3%.
Based on the recent corporate insider activity of 37 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.