Truist raised the firm’s price target on Protagonist Therapeutics (PTGX) to $76 from $60 and keeps a Buy rating on the shares. The firm cites the company’s positive Phase 2b ulcerative colitis – UC – results that achieved 64% clinical response and 30% clinical remission rates, exceeding its best case scenario. Truist is also updating its model to reflect greater credit to Rusfertide in polycythemia vera, with peak sales of $745M vs. $660M previous estimates while also assigning credit to UC given recent clinical updates
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