Julian Harrison, an analyst from BTIG, maintained the Buy rating on Protagonist Therapeutics. The associated price target is $82.00.
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Julian Harrison has given his Buy rating due to a combination of factors surrounding Protagonist Therapeutics’ promising drug development results. The recent data from the ANTHEM-UC study demonstrated significant efficacy of icotrokinra, a drug developed in partnership with Johnson & Johnson, in treating ulcerative colitis. The 28-week results showed a notable improvement in clinical remission and response rates compared to placebo, indicating the drug’s potential for greater efficacy with continued use.
Furthermore, the initiation of Phase 3 trials for ulcerative colitis and Phase 2b/3 trials for Crohn’s disease highlights the company’s progress in advancing its clinical pipeline. Additionally, the ICONIC-TOTAL study provided encouraging long-term data, showing high rates of disease clearance in challenging areas such as scalp and genital psoriasis. These positive outcomes, coupled with a thorough valuation analysis, underpin Harrison’s optimistic outlook and support the Buy recommendation for Protagonist Therapeutics.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.