BTIG analyst Julian Harrison maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report) yesterday and set a price target of $67.00.
Julian Harrison has given his Buy rating due to a combination of factors surrounding Protagonist Therapeutics’ promising developments and strategic partnerships. The upcoming data releases for the ANTHEM-UC and VERIFY trials are pivotal, with expectations that the results could significantly enhance the company’s standing in the treatment of inflammatory bowel disease (IBD) and polycythemia vera. The potential of icotrokinra, an oral IL-23R inhibitor, to deliver superior efficacy in ulcerative colitis due to its unique pharmacokinetic profile is a key driver of optimism.
In addition to the promising pipeline, Protagonist Therapeutics has secured substantial milestone payments from its partnerships, notably with JNJ, which underscores the confidence in its therapeutic candidates. The company’s strong financial position, with sufficient funds projected to support operations through the end of 2028, further strengthens its investment appeal. The strategic advancements in their development programs, including potential new drug applications and the exploration of new therapeutic areas, contribute to a positive outlook for the company’s growth and market potential.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $54.00 price target.