Wedbush starts Protagonist Therapeutics with an Outperform, $58 target

As previously reported, Wedbush initiated coverage of Protagonist Therapeutics (PTGX) with an Outperform rating and $58 price target Protagonist’s peptide technology platform has produced two Phase 3 stage candidates, an oral IL-23 inhibitor for plaque psoriasis, or PsO, and an iron modulator for polycythemia vera, or PV, notes the analyst. Phase 2 data showing better efficacy when compared to potential competitors bode well for Phase 3 success, says the analyst, who contends that JNJ-2113 “could be the best oral therapy for PsO.”