Protagonist Therapeutics price target raised to $104 from $91 at Clear Street

Clear Street raised the firm’s price target on Protagonist Therapeutics (PTGX) to $104 from $91 and keeps a Buy rating on the shares following the FDA approval of icotrokinra for moderate-to-severe psoriasis in adults and adolescents aged 12 years and older who are eligible for systemic therapy or phototherapy. The drug is the first oral peptide targeting the IL-23 receptor, supported by four Phase 3 studies that met all primary endpoints with a favorable safety profile. The approval transitions Protagonist into a company with royalty-bearing commercial exposure, while retaining upside from lifecycle expansion and the broader pipeline, the firm adds.