Protagonist Therapeutics (PTGX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Douglas Tsao from H.C. Wainwright reiterated a Buy rating on the stock and has a $50.00 price target.
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Douglas Tsao’s rating is based on the promising potential of Protagonist Therapeutics’ rusfertide in addressing significant unmet needs in the treatment of polycythemia vera (PV). The analyst is optimistic about the upcoming results from the Phase 3 VERIFY study, which seeks to assess the efficacy of rusfertide in reducing the need for phlebotomy, a current but less effective treatment option for PV. The confidence stems from the robust results observed in the earlier Phase 2 REVIVE study, which showed strong treatment effects even with a placebo response anticipated in the ongoing trial.
Additionally, Tsao highlights the considerable market opportunity for rusfertide, given that current PV treatments are often burdensome and insufficient. With approximately 155,000 diagnosed patients in the U.S., there is a significant patient population that could benefit from a more effective therapy. The partnership with Takeda further strengthens the development and potential commercialization prospects of rusfertide, contributing to the analyst’s positive outlook and Buy rating for the stock.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTGX in relation to earlier this year.