Portage Biotech inc. (PRTG) PT Lowered to $22 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns lowered the price target on Portage Biotech inc. (NASDAQ: PRTG) to $22.00 (from $32.00) while maintaining a Buy rating.

The analyst commented, "Last week, Portage Biotech provided an update with regard to its R&D programs. In summary, the company is prioritizing the following: (1) initiation of the company-sponsored Phase 2 IMPORT-201 trial, which has the same design as the PORT-2 trial and shall parallel PORT-2 in the E.U. and U.S. (see our prior note ASCO Takeaways; We Look Forward to Additional Data by Year-End; Reiterate Buy). Notably, management has decided to drop the 1L melanoma arms from the study, given the evolving treatment paradigm and since the standard-of-care in that setting is different between the U.S. and U.K., in favor of recruiting additional patients into the 1L non-small cell lung cancer (NSCLC) cohort; and (2) launch of the company-sponsored ADPORT trial, which shall evaluate the company's adenosine pathway-targeted agents PORT-6 and PORT-7 in the U.S. Recall, Portage acquired several adenosine pathway-targeted agents over the summer from Tarus Therapeutics."

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