Analyst Julian Harrison of BTIG maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report), retaining the price target of $82.00.
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Julian Harrison has given his Buy rating due to a combination of factors related to Protagonist Therapeutics’ strategic advancements and promising data. The company has introduced PN-477, a GLP1/GIP/GCG agonist, as its initial venture into obesity treatment, with plans for both oral and subcutaneous formulations. This approach follows the success of Eli Lilly’s retatrutide, which showed significant weight loss but had associated cardiac concerns, presenting an opportunity for PTGX to differentiate with potentially improved safety and efficacy profiles.
Additionally, PTGX’s rusfertide has demonstrated consistent efficacy in treating polycythemia vera (PV), with significant benefits across various endpoints, including symptom improvement. The data supports its potential use across the entire PV treatment paradigm, which could enhance physician adoption and payer support. Furthermore, the company’s financial prospects are bolstered by a potential opt-out payment and milestone opportunities from their agreement with Takeda, providing a substantial upside. These factors collectively underpin the Buy rating, reflecting confidence in PTGX’s growth potential and strategic positioning.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.
Based on the recent corporate insider activity of 37 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.