BMO Capital raised the firm’s price target on Protagonist Therapeutics (PTGX) to $112 from $72 and keeps an Outperform rating on the shares. While the firm is adjusting its model following reports of a potential acquisition by Johnson&Johnson (JNJ), BMO also believes that the market is currently underpricing what Protagonist could be worth, the analyst tells investors in a research note. The new price target better reflects the value of Rusfertide and Icotrokinra for an acquirer, the firm added.
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