Protagonist Therapeutics (PTGX) PT Raised to $34 at BMO Capital; Increased Confidence in PTG-100
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BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and raised his price target on Protagonist Therapeutics (NASDAQ: PTGX) to $34.00 (from $21.00) on increased confidence in PTG-10.
Somaiya commented, "We are raising our price target to $34 from $21 as we increase our probability of success for PTG-100 to 50% (from 33%) given recent presentations of PTG-100 data at UEGW, which, combined with our discussions with clinicians, suggest a higher probability of success in the upcoming Phase 2b and a larger market opportunity in UC. We believe PTGX's next key catalyst will be interim data from the Phase 2b trial (2Q/3Q17). We have updated our model based on 3Q results and maintain our Outperform rating."
Shares of Protagonist Therapeutics closed at $24.16 yesterday.
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