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Investing.com - Truist Securities raised its price target on Protagonist Therapeutics (NASDAQ:PTGX) to $88.00 from $76.00 on Tuesday, while maintaining a Buy rating on the stock. The company’s shares have already delivered an impressive 100% return year-to-date, according to InvestingPro data, though current valuations suggest the stock may be trading above its Fair Value.
The price target increase reflects Truist’s decision to give credit to the company’s Crohn’s disease program, which recently initiated a Phase 2/3 trial. The firm now projects $1.1 billion in adjusted peak sales for this indication, compared to the consensus estimate of $900 million.
Truist expressed encouragement regarding Johnson & Johnson’s conviction in the broad appeal of icotrokinra as a safe oral option, noting J&J’s recent commentary anticipating a 2026 psoriasis approval, fast trial enrollment, and indication expansion into inflammatory bowel disease and other immunology indications.
The firm highlighted Protagonist’s pipeline focus on validated targets, with potential Phase 1 data expected in 2026 that could provide strategic direction for the company moving forward.
According to Truist, Protagonist remains well capitalized with management indicating the company has sufficient runway to operate through at least year-end 2028.
In other recent news, Protagonist Therapeutics has been the focus of several analyst updates following the release of comprehensive data from its Phase 2b Anthem-UC trial. The trial results indicated that all three doses of icotrokinra met the primary endpoint, with placebo-adjusted clinical response rates of 36.5%, 31.1%, and 27.7%. Clear Street responded to these results by raising its price target for Protagonist Therapeutics to $74.00 while maintaining a Buy rating. JMP Securities also increased its price target to $69.00, expressing high confidence in the company’s upcoming new drug application for rusfertide in polycythemia vera, with a 90% probability of success for approval next year. BMO Capital reiterated its Outperform rating with a price target of $72.00, emphasizing the validation of investor confidence from the trial data. Barclays initiated coverage with an Overweight rating and a $72.00 price target, highlighting the company’s peptide technology platform as a positive factor. These developments reflect a strong analyst outlook for Protagonist Therapeutics, focusing on its recent trial data and future prospects.
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