Protagonist Therapeutics price target raised to $51 from $41 at BTIG

BTIG raised the firm’s price target on Protagonist Therapeutics to $51 from $41 and keeps a Buy rating on the shares. The firm notes the ANTHEM-UC Phase 2b trial of JNJ-2113 in ulcerative colitis primary completion having moved to September 2024 from October 2024 as well as the first formal indication of an obesity program in the company’s pipeline, the analyst tells investors in a research note. BTIG adds it is encouraged to see Protagonist formally entering the obesity arena, where it sees several opportunities to improve on the current development landscape of oral Tx options.