BMO Capital Starts Protagonist Therapeutics (PTGX) at Outperform
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BMO Capital initiates coverage on Protagonist Therapeutics (NASDAQ: PTGX) with a Outperform rating and a price target of $21.00.
Analyst M. Ian Somaiya commented, "Our Outperform rating is based on our belief that Protagonist's lead asset, PTG-100, has been clinically and commercially de-risked given Takeda's Entyvio's success, which shares the same biological target. Our $2.3bn unadjusted peak sales estimate assumes the upcoming Phase 2b (data 1Q18) shows efficacy at least on par with Entyvio, with a cleaner safety profile given its GI-restricted delivery. We do not model any contribution from PTGX's pipeline (PTG-200/300). We believe PTGX's novel peptide platform, which optimizes identified therapeutic peptides for potency and stability, provides multiple opportunities for upside."
Shares of Protagonist Therapeutics closed at $12.08 yesterday.
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