Protagonist Therapeutics price target raised to $67 from $51 at BTIG

BTIG raised the firm’s price target on Protagonist Therapeutics (PTGX) to $67 from $51 and keeps a Buy rating on the shares. The company’s PN-881 is the only oral IL-17A/F inhibitor, and it achieves potency comparable to bimekizumab in pre-clinical assays, the analyst tells investors in a research note. Eli Lilly’s (LLY) acquisition of Dice in June 2023 for $2.4B for an oral IL-17A inhibitor with only Phase 1 data is seen as a straightforward comp, and PN-881’s “differentiated specificity” could support preferential positioning as the dominant oral IL-17 inhibitor, the firm added.