H.C. Wainwright Reiterates Buy Rating on Protagonist Therapeutics (PTGX)

H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating and $38.00 price target on Protagonist Therapeutics (NASDAQ: PTGX).

The analyst commented: "Rusfertide (hepcidin mimetic) controls hematocrit (Hct) below the 45% threshold for up to 3 years. At the European Hematology Association (EHA) 2024 congress, Protagonist presented a long-term follow-up from REVIVE Phase 2 study of rusfertide for the treatment of polycythemia vera (PV) that the treatment showed durable Hct control, decreased phlebotomy use and long-term tolerability in the PV patients. Recall the company reported positive REVIVE data at the EHA 2023 congress (note); the data reported on June 14 further confirms the long-term efficacy and safety profile of rusfertide in PV treatment. Patients decreased phlebotomy use, from a rate of 8.7/year before study entry to 0.43/year during the part 3 REVIVE (three-year open-label extension period), consistent with the rate of 0.36/year in part 2 REVIVE rusfertide cohort (randomization period). The company observed decreased red blood cell counts and continued improvement and normalization of serum ferritin levels, and the mean leukocyte counts remained stable throughout the study. Notably, 19 of 70 patients had a history of cancer prior to enrolling in the study, and 10 of those patients had a history of skin cancer. As of April 9, 2024, 11 patients were diagnosed with malignancies while on study, and 9 of them with skin cancer. All patients remained on rusfertide after the skin lesion was excised, further indicating the safety of rusfertide. The Phase 3 VERIFY study for PV is ongoing, and the primary endpoint topline data is expected in 1Q25. PV has seen increased investment and new programs in the clinic—to some extent catalyzed by Protagnist's success with rusfertide—though we believe the direct MOA of rusfertide remains attractive and should lead to predictable and durable results as we've seen with REVIVE which creates a high bar for potential competitors using alternative approaches. Reiterate Buy rating and $38 PT."

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 $33.39 yesterday.

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