Wedbush analyst Yun Zhong has maintained their bullish stance on PTGX stock, giving a Buy rating today.
Yun Zhong has given his Buy rating due to a combination of factors related to the promising results of Protagonist Therapeutics’ rusfertide in the Phase 3 study for Polycythemia Vera (PV). The study successfully met both primary and key secondary endpoints, showcasing a significant responder rate and improved patient-reported outcomes. The statistical significance of these results, along with a favorable safety profile, underscores the potential of rusfertide as a viable treatment option.
Furthermore, the financial outlook for Protagonist Therapeutics is strengthened by the $25 million milestone payment, which, along with other financial resources, is expected to support the company through at least the end of 2028. The strategic partnership with Takeda also provides an opportunity for Protagonist to opt-out of profit/loss-sharing for higher milestone and royalty payments. These factors combined suggest a strong clinical and financial position, justifying the Buy rating.
According to TipRanks, Zhong is an analyst with an average return of -20.7% and a 31.11% success rate. Zhong covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Rezolute, and Protagonist Therapeutics.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $61.00 price target.