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Investing.com - BMO Capital has reiterated an Outperform rating on Protagonist Therapeutics (NASDAQ:PTGX), currently trading at $65.29 and up 57% over the past six months, with a price target of $72.00. The rating follows the presentation of full ANTHEM-UC trial data for icotrokinra at Berlin’s UEG Conference. According to InvestingPro data, the stock is trading near its 52-week high of $68.26, with analysts maintaining a Strong Buy consensus.
The research firm noted that the complete data for icotrokinra further validates investor confidence in the previously announced top-line results from the ulcerative colitis trial.
According to BMO Capital, presenter commentary at the conference highlighted continuing efficacy trends that suggest better response data might be possible beyond the current 12-week timeframe.
The firm reported that discussions with physicians at the conference and during question-and-answer sessions indicated that the Phase 2b profile of icotrokinra appears differentiated among oral agents at minimum, and could potentially compete with injectable standard treatments in the ulcerative colitis space.
BMO Capital also noted that Protagonist Therapeutics is planning a new Phase 3 trial in ulcerative colitis that will aim to further validate icotrokinra’s profile in a larger dataset.
In other recent news, Protagonist Therapeutics has seen several notable developments. Clear Street has increased its price target for Protagonist Therapeutics to $74, maintaining a Buy rating after the full data release from the Phase 2b Anthem-UC trial. The trial results indicated that all three doses met the primary endpoint with placebo-adjusted clinical response rates of 36.5%, 31.1%, and 27.7%. Barclays initiated coverage on Protagonist Therapeutics with an Overweight rating and a price target of $72, highlighting the company’s peptide technology platform as a key factor. Additionally, JMP Securities raised its price target to $69, maintaining a Market Outperform rating. JMP expressed high confidence in the upcoming new drug application for rusfertide in polycythemia vera, assigning a 90% probability of success for approval next year. These updates reflect ongoing interest and optimism from analysts regarding Protagonist Therapeutics’ potential advancements.
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