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On Monday, TD Cowen reiterated its Buy rating and $65.00 price target for Protagonist Therapeutics (NASDAQ:PTGX) shares, following the company’s recent Phase III study results. With analyst targets ranging from $38 to $68, and the stock currently trading at $38.06, InvestingPro analysis suggests the stock is fairly valued. The study focused on rusfertide, which is being developed as a treatment for a specific blood disorder.
The analyst at TD Cowen highlighted that in the Phase III trial, rusfertide demonstrated a 44% placebo-adjusted response rate, which aligns with the 43-51% range observed in Phase II trials. Additionally, the drug met all four secondary endpoints, and the safety profile was considered clean. The company’s strong financial position is reflected in its excellent InvestingPro Financial Health score, with a current ratio of 12.48 indicating robust liquidity.
An NDA (New Drug Application) filing for rusfertide is anticipated in Q4 of 2025, at which point the durability of the drug’s effects will be further assessed. With a market capitalization of $2.33 billion and a beta of 2.21, investors should note the stock’s relatively high volatility. The company’s management has projected that rusfertide represents at least a $1-2 billion peak market opportunity.
Key opinion leaders (KOLs) have provided an even more optimistic outlook, estimating a larger market potential. They expect to use rusfertide in 20-30% of patients immediately upon its launch, suggesting strong confidence in the drug’s clinical benefits and commercial prospects. For deeper insights into PTGX’s valuation and growth potential, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Protagonist Therapeutics has been the subject of several analyst updates following significant developments in its clinical trials. The company reported positive Phase 3 VERIFY trial data for its drug rusfertide, aimed at treating polycythemia vera, with impressive patient response rates and no significant safety concerns. As a result, JPMorgan increased its price target for Protagonist Therapeutics to $57, maintaining an Overweight rating. Similarly, H.C. Wainwright raised its target to $54, citing the potential market opportunity for rusfertide. Meanwhile, Citizens JMP reiterated a $58 price target, emphasizing the strategic decisions Protagonist faces regarding the commercialization of rusfertide. Truist Securities maintains a Buy rating with a $60 target, highlighting positive feedback from key opinion leaders on rusfertide’s potential. These developments underscore the optimism surrounding Protagonist’s drug pipeline and its partnership with Takeda.
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