UPDATE: JMP Securities Resumes Protagonist Therapeutics (PTGX) at Market Outperform

JMP Securities analyst Jonathan Wolleben resumes coverage on Protagonist Therapeutics (NASDAQ: PTGX) with a Market Outperform rating and a price target of $21.00.

The analyst comments "Multiple sources of pipeline upside to our valuation – PTGX has generated POC data for rusfertide in hereditary hemochromatosis - a genetic disease resulting in hepcidin deficiency and iron overload. Thus, rusfertide, a hepcidin mimetic, could act as a hormone replacement. There could be at least ~100K patients with severe hereditary hemochromatosis in the U.S. and we look forward to clarity on next steps and the regulatory path forward. Following Phase 2 data in ulcerative colitis, PTGX is looking to out-license a first-inclass oral, GI-restricted α4β7 specific antagonist and the 2017 partnership with Janssen for oral IL-23 receptor antagonists has already brought in ~$88M in payments, with an additional $900M in milestones available plus royalties. We consider these all upside to our $21 price target, which represents ~90% upside from current levels."

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 $9.97 yesterday.

You May Also Be Interested In

• Goldman Sachs Upgrades Plains GP Holdings, L.P (PAGP) to Neutral
• Freedom Broker Starts Norwegian Cruise (NCLH) at Buy
• Bernstein SocGen Group Starts Terawulf Inc. (WULF) at Outperform