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Protagonist Therapeutics: Promising Obesity Program and Strategic Partnerships Drive Buy Rating

Protagonist Therapeutics: Promising Obesity Program and Strategic Partnerships Drive Buy Rating

Brian Cheng, an analyst from J.P. Morgan, maintained the Buy rating on Protagonist Therapeutics (PTGXResearch Report). The associated price target remains the same with $66.00.

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Brian Cheng has given his Buy rating due to a combination of factors, primarily focusing on Protagonist Therapeutics’ promising developments in its obesity program and its strategic partnerships. The company has unveiled both oral and subcutaneous formulations of its obesity asset, PN-477, which is expected to enhance weight loss, improve tolerability, and optimize the lean-to-fat mass ratio. The management’s approach to advancing PN-477 is seen as de-risked, aiming to establish a strong presence in the obesity market.
Additionally, Protagonist Therapeutics is well-capitalized with sustainable cash flows expected from its existing partnerships, such as those with Takeda and Janssen. The company’s lead asset, rusfertide, and its other programs, including the oral IL-17, are perceived to have significant upside potential. Cheng’s valuation model does not currently assign a standalone value to the obesity program, suggesting that any progress or partnerships in this area could serve as an attractive opportunity for growth. The Overweight rating is supported by a price target of $66, reflecting the company’s undervalued portfolio and strong financial position.

According to TipRanks, Cheng is an analyst with an average return of -18.6% and a 34.40% success rate. Cheng covers the Healthcare sector, focusing on stocks such as Blueprint Medicines, Intellia Therapeutics, and Protagonist Therapeutics.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.

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