Yun Zhong, an analyst from Wedbush, maintained the Buy rating on Protagonist Therapeutics. The associated price target remains the same with $70.00.
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Yun Zhong’s rating is based on several compelling factors that position Protagonist Therapeutics favorably. The submission of the NDA for icotrokinra in PsO, supported by robust data from four pivotal Phase 3 studies, suggests a strong likelihood of FDA approval by the second half of 2026. The drug’s once-daily oral dosing combined with injectable-equivalent efficacy makes it a competitive treatment option, and ongoing studies in additional indications like PsA and IBD could further expand its market potential.
Moreover, the planned Phase 3 study comparing icotrokinra with Stelara could provide additional evidence of its efficacy, potentially boosting market uptake. Financially, Protagonist Therapeutics stands to benefit from significant milestone payments and tiered royalties from its partnerships with JNJ and Takeda. The strategic option to opt-out of U.S. profit-sharing with Takeda for rusfertide could result in higher milestone and royalty payments, allowing the company to focus on developing its own promising pipeline, including an oral hepcidin candidate and other innovative therapies.