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Investing.com - JMP Securities raised its price target on Protagonist Therapeutics (NASDAQ:PTGX) to $69.00 from $67.00 on Thursday, maintaining a Market Outperform rating on the biotech company. The stock, which has surged over 39% year-to-date and maintains a market capitalization of $3.34 billion, has shown remarkable momentum. According to InvestingPro data, analyst targets for PTGX range from $41 to $82.
The firm cited high confidence in the upcoming new drug application (NDA) for rusfertide in polycythemia vera, which Protagonist plans to submit next quarter. JMP analysts assign a 90% probability of success for the drug’s approval next year.
Protagonist has the option to enter a 50/50 U.S. profit-sharing arrangement with partner Takeda after NDA submission, which could yield up to $330 million in regulatory and commercial milestones. Alternatively, opting out could generate up to $975 million in milestones, plus $400 million in opt-out and approval payments.
JMP also highlighted Johnson & Johnson’s NDA submission for icotrokinra in psoriasis, which includes data from multiple Phase 3 trials supporting potential broad approval in moderate to severe psoriasis. Positive Phase 2b data for icotrokinra in ulcerative colitis exceeded expectations.
Protagonist remains eligible for approximately $155 million in milestone payments expected between 2026-2028 and tiered royalties of 6-10% on icotrokinra net sales, which JMP projects could reach over $8 billion at peak, potentially generating more than $800 million in annual royalties for Protagonist.
In other recent news, Protagonist Therapeutics has been the focus of several analyst reports highlighting its drug development efforts. H.C. Wainwright reiterated a Buy rating with an $80.00 price target, emphasizing the company’s strategic partnerships with Takeda and Janssen, which have bolstered its credibility. Citi initiated coverage with a Buy rating and a $72.00 price target, citing the strong potential of drug candidates like rusfertide for polycythemia vera (PV) and icotrokinra for inflammation indications. Additionally, Clear Street adjusted its price target to $62 from $65, maintaining a Buy rating while expressing enthusiasm for rusfertide’s potential in managing PV. BTIG also maintained its Buy rating with an $82.00 price target after the presentation of new data at ASCO 2025, which reinforced the efficacy of rusfertide. The ASCO 2025 conference featured full 32-week results from the Phase 3 VERIFY study, further strengthening confidence in rusfertide as a potential standard of care for PV. An independent specialist at the conference expressed plans to prescribe rusfertide once approved, noting its ability to address unmet needs in PV treatment. These developments underscore the significant interest and optimism surrounding Protagonist Therapeutics’ drug pipeline.
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