Protagonist Therapeutics (PTGX) has garnered a positive outlook and a Buy rating from TD Cowen analyst Tara Bancroft, who set a price target of $65.00. This optimistic assessment is largely based on the anticipation of promising data from the company's Phase III ICONIC-LEAD and ICONIC-TOTAL studies in psoriasis. The expected positive outcomes build upon the encouraging results seen in the earlier Phase II FRONTIER study.
Bancroft highlights Protagonist Therapeutics' strategic emphasis on achieving a high PASI 90 score, which could give their oral treatment a competitive edge against existing injectable and other oral therapies. The potential introduction of an oral IL-17 candidate in the near future is also expected to boost enthusiasm and strengthen the company's market position.
The analyst's confidence is further supported by the consistent and durable data observed in previous trials. Bancroft, a 4-star analyst with a 16.2% average return and a 47.83% success rate, focuses on the Healthcare sector, covering stocks such as Vaxcyte, Protagonist Therapeutics, and Urogen Pharma.
Wedbush also initiated coverage on Protagonist Therapeutics with a Buy rating and a $58.00 price target, reinforcing the positive sentiment surrounding the company. Protagonist Therapeutics is a clinical-stage biopharmaceutical company involved in the research and development of novel constrained peptide-based drug candidates. Their lead product candidates, PTG-100 and PTG-200, are currently in development for moderate-to-severe ulcerative colitis and Crohn's disease, respectively.
