In a report released today, Douglas Tsao from H.C. Wainwright reiterated a Buy rating on Protagonist Therapeutics (PTGX – Research Report), with a price target of $80.00.
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Douglas Tsao’s rating is based on Protagonist Therapeutics’ recent successes and strategic partnerships, particularly with Janssen, which have significantly enhanced shareholder value. The company’s innovative oral therapies, such as icotrokinra for psoriasis, have shown promising results, outperforming existing treatments and setting new standards for oral psoriasis therapy. The management’s confidence in icotrokinra’s potential to become a first-line therapy is bolstered by its superior efficacy and the convenience of oral administration, which is preferred by many patients.
Additionally, icotrokinra’s potential extends beyond psoriasis, with promising applications in psoriatic arthritis and inflammatory bowel diseases. The drug’s unique characteristics, such as its potency and stability, make it a strong candidate for these conditions. The recent positive data from the ANTHEM-UC Phase 2b study further supports its efficacy in ulcerative colitis, highlighting its potential as a top-tier drug in multiple indications. These factors collectively contribute to Tsao’s optimistic Buy rating for Protagonist Therapeutics.
In another report released on May 7, Wedbush also reiterated a Buy rating on the stock with a $70.00 price target.
Based on the recent corporate insider activity of 38 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.