Analyst Yun Zhong from Wedbush maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report) and keeping the price target at $58.00.
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Yun Zhong has given his Buy rating due to a combination of factors, primarily centered around the promising potential of rusfertide in treating polycythemia vera (PV). The conclusions drawn from recent discussions with key opinion leaders (KOLs) highlight the significant clinical benefits of rusfertide, which include reducing the necessity for therapeutic phlebotomy—a procedure linked with various complications. This ability to minimize phlebotomy requirements positions rusfertide as a potentially transformative treatment, regardless of the severity of the disease or the patient’s current therapy status.
Additionally, the Phase 3 study design, which closely mirrors that of Phase 2, is expected to have a high probability of success (PoS). The safety profile of rusfertide appears benign, supported by data from over 350 patients and animal toxicology studies. The high patient retention rate in long-term extension studies further signifies its efficacy and potential for patient compliance once it becomes commercially available. Moreover, with a substantial commercial opportunity projected by partner Takeda, Yun Zhong sees a robust financial outlook for Protagonist Therapeutics, thus justifying the Buy rating.
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.