Protagonist stock holds Buy rating, $54 target from H.C. Wainwright

On Monday, H.C. Wainwright maintained a Buy rating and a $54.00 price target for Protagonist Therapeutics (NASDAQ:PTGX) shares. According to InvestingPro data, analysts’ targets for the stock range from $38 to $73, with the company maintaining an EXCELLENT financial health score. The stock currently trades at $38.35, suggesting potential upside based on analyst consensus. The firm’s analyst highlighted the compelling data presented at the 2025 American Academy of Dermatology (AAD) Annual Meeting, which showcased the efficacy of Protagonist’s oral psoriasis therapy, icotrokinra.

At the meeting, it was reported that nearly half of the patients (46%) treated with icotrokinra achieved completely clear skin, with 40% reaching PASI 100 at week 24. These results follow the positive Phase 3 ICONIC-ADVANCE 1 and 2 trials, as well as additional data from ICONIC-LEAD, which had already suggested icotrokinra’s potential to set a new standard for oral psoriasis treatments.

The analyst pointed out that the data indicates a paradigm shift toward the possibility of total skin clearance through oral therapy. Earlier outcomes from the ICONIC-LEAD trial showed that 65% of patients reached an IGA score of 0/1, and 50% achieved PASI 90 at week 16. These figures increased to 74% and 65%, respectively, at week 24. The continued positive trend suggests that icotrokinra could achieve even greater efficacy over time. With a strong balance sheet showing more cash than debt and a current ratio of 12.48, Protagonist appears well-positioned to advance its clinical programs.

Additionally, the treatment’s safety profile was confirmed to be favorable, with a similar proportion of adverse events (AEs) reported in both the treatment and placebo groups (49%), and no new safety signals were identified. This aligns with the well-established safety record of the IL-23 mechanism, which icotrokinra employs.

Protagonist Therapeutics is also expected to release data from a Phase 2 study of icotrokinra in ulcerative colitis by the end of March. The New Drug Application (NDA) filing for icotrokinra is projected for the fourth quarter of 2025. With these developments in mind, H.C. Wainwright has reiterated its Buy rating and price target for Protagonist Therapeutics, signaling confidence in the company’s prospects. For deeper insights into PTGX’s valuation and growth potential, including 8 additional ProTips and comprehensive financial analysis, visit InvestingPro, where you’ll find detailed research reports and expert analysis.

In other recent news, Protagonist Therapeutics has been at the center of several significant developments. The company reported positive results from the VERIFY trial for its drug candidate, rusfertide, aimed at treating polycythemia vera. This study met all primary and key secondary endpoints, which could facilitate the filing of a New Drug Application (NDA) in late 2025, as noted by BTIG and Truist Securities. The successful trial outcomes have also triggered a $25 million milestone payment to the company.

Additionally, JMP analysts maintained their Market Outperform rating with a $61 target, following promising clinical trial results for Protagonist’s drug icotrokinra. The drug showed superiority over placebo and another approved treatment in the ICONIC ADVANCE trials. Furthermore, H.C. Wainwright reiterated its Buy rating and $54 price target, expressing confidence in rusfertide’s potential to significantly impact the market.

BTIG raised its price target for Protagonist to $73, citing strong order intake and anticipated model launches that could drive volume growth in the coming years. The firm also highlighted a potential $400 million payment to Protagonist if they opt out of their profit-sharing agreement with Takeda after the NDA filing. These recent developments underscore Protagonist Therapeutics’ progress in advancing its clinical programs and strategic planning for future growth.

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