Analyst Yun Zhong from Wedbush maintained a Buy rating on Protagonist Therapeutics and keeping the price target at $70.00.
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Yun Zhong has given his Buy rating due to a combination of factors that highlight the promising potential of Protagonist Therapeutics. The recent data from the Phase 2b ANTHEM-UC study of icotrokinra in ulcerative colitis patients showed positive results, with all tested doses achieving the primary endpoint of a statistically significant clinical response compared to placebo. Moreover, the highest dose demonstrated a notable clinical remission rate, which is expected to be the induction dose, aligning with the efficacy seen in other IL-23 inhibitors.
Another critical factor in Zhong’s rating is icotrokinra’s strong safety profile, which showed lower adverse event rates compared to placebo and no serious infections. This safety advantage, combined with the convenience of once-daily oral administration, positions icotrokinra as a potential leader in the treatment of inflammatory and immune conditions. Additionally, Protagonist Therapeutics’ financial position, bolstered by significant milestone payments and potential royalties, supports its focus on advancing its pipeline, further justifying the Buy rating.
Zhong covers the Healthcare sector, focusing on stocks such as MannKind, Rocket Pharmaceuticals, and Protagonist Therapeutics. According to TipRanks, Zhong has an average return of -11.4% and a 42.73% success rate on recommended stocks.
In another report released on September 12, Leerink Partners also initiated coverage with a Buy rating on the stock with a $73.00 price target.