Protagonist Therapeutics price target raised to $100 from $86 at Wedbush

Wedbush raised the firm’s price target on Protagonist Therapeutics (PTGX) to $100 from $86 and keeps an Outperform rating on the shares. As part of the Q4 update, the firm announced the intention to opt-out of the 50:50 profit/loss sharing with Takeda (TAK) for rusfertide, the firm notes. In addition to higher milestone and royalty payments, the decision should allow Protagonist to focus on the development of the company’s wholly-owned programs, which Wedbush believes could become best-in-class therapies based on well-established mechanism of action, a proven technology platform that has supported both icotrokinra and rusftertide’s clinical success in respective Phase 3