JMP Securities analyst Jonathan Wolleben has reiterated their bullish stance on PTGX stock, giving a Buy rating today.
Jonathan Wolleben has given his Buy rating due to a combination of factors, primarily the successful results from the Phase 3 VERIFY trial for rusfertide. The trial demonstrated a significant reduction in the need for phlebotomy among patients with polycythemia vera, achieving its primary and key secondary endpoints.
The strong performance of rusfertide in the trial, including positive patient-reported outcomes and a favorable safety profile, has increased confidence in its potential approval and market adoption. Wolleben has raised the probability of success for rusfertide to 90% and projects peak U.S. sales to reach approximately $1.6 billion, aligning with the company’s guidance. Consequently, the price target for Protagonist Therapeutics has been adjusted to $61, reflecting the positive outlook for rusfertide’s market potential.
In another report released today, Wedbush also maintained a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 33 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.