Protagonist Therapeutics (PTGX) PTG-300 Data is Misunderstood, Nomura Reiterates $29 PT

Nomura/Instinet analyst Christopher Marai reiterated a Buy rating and $29.00 price target on Protagonist Therapeutics (NASDAQ: PTGX) on the belief that the PTG-300 data is misunderstood. The company presented an initial look at preliminary results from the TRANSCEND Ph2 open-label study of PTG-300 (hepcidin mimetic) focusing on patients with transfusion-dependent (TD) beta-thalassemia (beta-thal). The results showed a dose-related reduction in baseline serum iron and
transferrin saturation (TSAT), consistent with Ph1 data in healthy volunteers.

The analyst stated "The primary endpoint for the TD beta-thal subgroup is a reduction in transfusion burden, whereas the primary endpoint in the non-transfusion dependent (NTD) beta-thal subgroup is improvement in hemoglobin. We view efficacy in TD beta-thal patients as a “higher bar” than NTD beta-thal due to the degree of disease severity and iron burden from transfusion. We also expect that PTG-300 benefit will deepen over time as iron stores are mobilized – this may facilitate Hb improvement with less frequent dosing. Overall, the data suggests that PTG-300 is effective at reducing serum iron levels even in patients with significantly elevated iron levels at baseline, and the PK/PD curves were similar to normal healthy volunteers".

For an analyst ratings summary and ratings history on Protagonist Therapeutics click here. For more ratings news on Protagonist Therapeutics click here.

Shares of Protagonist Therapeutics closed at $5.02 yesterday.

You May Also Be Interested In

• Protagonist Therapeutics (PTGX) PT Raised to $178 at BMO Capital
• UBS Upgrades SLC Agricola SA (SLCE3:BZ) (SLCJY) to Neutral
• BofA Securities Upgrades Moderna (MRNA) to Neutral