BMO Capital analyst Evan Seigerman maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report) yesterday and set a price target of $72.00.
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Evan Seigerman’s rating is based on Protagonist Therapeutics’ strategic entry into the obesity market with their innovative candidate, PN-477. This triple agonist peptide, which can be administered both orally and via injection, positions Protagonist uniquely in a growing market dominated by GLP-1 mono agonists. The company’s approach is further strengthened by its pipeline of validated assets like Rusfertide and Icotrokinra, alongside promising early-stage candidates such as PN-881.
Moreover, PN-477 exhibits superior potency compared to existing treatments like semaglutide and tirzepatide, potentially offering improved tolerability and differentiation in a competitive landscape. While Protagonist may not yet receive significant recognition for PN-477 due to its developmental stage, successful progress or strategic partnerships could enhance its valuation. Seigerman acknowledges Protagonist’s peptide development capabilities, which could attract strategic acquirers or partners, and remains focused on the upcoming NDA filings for key assets.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $66.00 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.