BMO Capital analyst Etzer Darout maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report) yesterday and set a price target of $62.00.
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Etzer Darout has given his Buy rating due to a combination of factors including Protagonist Therapeutics’ promising pipeline and strategic partnerships. The company is advancing rusfertide, a treatment for polycythemia vera (PV), which addresses a significant unmet need in the PV treatment landscape. The drug has demonstrated potential to reduce red blood cell production and decrease the frequency of phlebotomies, which are currently the standard treatment but lead to patient dissatisfaction due to limited options and tolerance issues.
Additionally, the promising outcomes from the Phase 2 REVIVE trial for rusfertide indicate that it could potentially achieve strong market uptake, especially if the upcoming Phase 3 VERIFY trial results are favorable. Protagonist Therapeutics also plans to submit new drug applications for rusfertide and icotrokinra, another promising candidate in the area of psoriasis. The strategic partnership with Takeda and potential global sales projections further support the Buy rating, as these collaborations can enhance the company’s revenue potential and market positioning.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $58.00 price target.
PTGX’s price has also changed slightly for the past six months – from $36.210 to $37.750, which is a 4.25% increase.