Analyst Yun Zhong of Wedbush reiterated a Buy rating on Protagonist Therapeutics (PTGX – Research Report), retaining the price target of $58.00.
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Yun Zhong’s rating is based on several promising developments concerning Protagonist Therapeutics. The company is set to release important clinical data for its treatments targeting ulcerative colitis and polycythemia vera in March. The polycythemia vera study is seen as low risk given the strong results from earlier trials, while the ulcerative colitis study is expected to support continued development, despite some uncertainties. Furthermore, Protagonist’s oral peptide platform is expected to add significant value, and their pipeline includes an IL-17 candidate entering clinical trials and upcoming candidates for obesity and hematologic conditions.
Financially, Protagonist is positioned well with a substantial cash reserve and a milestone payment that extends its runway through the end of 2028. Additionally, the performance of JNJ-2113 in upcoming trials is anticipated to compare favorably against current treatments, potentially boosting the stock. Overall, Protagonist Therapeutics is viewed as having strong near-term data prospects and long-term growth potential, justifying the Buy rating.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $65.00 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.