Analyst Yun Zhong of Wedbush reiterated a Buy rating on Protagonist Therapeutics, retaining the price target of $70.00.
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Yun Zhong has given his Buy rating due to a combination of factors that highlight Protagonist Therapeutics’ promising future. The company has shown significant progress with its wholly owned programs, particularly with the development of icotrokinra, which has demonstrated strong efficacy and safety in treating ulcerative colitis and Crohn’s disease. The upcoming presentation at the United European Gastroenterology Week is expected to provide a comprehensive profile of icotrokinra, further solidifying its potential as a leading treatment option.
Moreover, Protagonist Therapeutics is advancing its pipeline with the nomination of development candidates for oral IL-17 antagonist PN-881 and oral GLP-1/GIP/glucagon triple agonist PN-447, targeting large market opportunities in inflammation and obesity. The company’s robust financial position, with substantial cash reserves, supports its operations through at least the end of 2028, providing a solid foundation for continued growth. These factors, combined with strategic partnerships and potential milestone payments, underpin Yun Zhong’s positive outlook and Buy rating for Protagonist Therapeutics.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $65.00 price target.
Based on the recent corporate insider activity of 39 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.