Icotyde label upside surprise for Protagonist, says H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao says that while Icotyde’s approval was expected, the earlier than expected approval and “clean” label represent upside surprises. Johnson & Johnson (JNJ) is committed to building Icotyde into a blockbuster, which should create “significant value” for Protagonist Therapeutics (PTGX), the analyst tells investors in a research note. H.C. Wainwright believes Icotyde is positioned to “transform the plaque psoriasis landscape with a differentiated label that highlights its superior efficacy and safety profile.” The firm reiterates a Buy rating on Protagonist with a $117 price target.