Protagonist Therapeutics (PTGX) PT Raised to $88 at Truist Securities

Truist Securities analyst Srikripa Devarakonda raised the price target on Protagonist Therapeutics (NASDAQ: PTGX) to $88.00 (from $76.00) while maintaining a Buy rating.

The analyst commented: "Increased conviction after mgmt call, long-term icotrokinra data, and credit for Crohn's; After new icotrokinra/ICO data, we caught up with mgmt and came away with greater conviction in upside potential for PTGX and note key points – 1) New PT $88 vs $76 prev reflects credit to Crohn's disease/CD ($1.1B adj peak sales vs. $900M cons) following recent initiation of Ph2/3; 2) Encouraged by J&J's conviction in broad appeal of a safe oral option with recent commentary including anticipation of 2026 PsO approval; fast trial enrollment; indication expansion into IBD & other I&I indications; 3) Pipeline focused on validated targets, with potential Ph1 data in 2026 with potential to provide strategy forward; 4) Well capitalized with at least YE28 runway per mgmt."

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