UPDATE: JPMorgan Upgrades Protagonist Therapeutics (PTGX) to Overweight
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JPMorgan analyst Anupam Rama upgraded Protagonist Therapeutics (NASDAQ: PTGX) from Neutral to Overweight with a price target of $55.00 (from $49.00).
The analyst comments "The rapid resolution of the clinical hold in ~3 weeks comes as a surprise to us from a timeline perspective and the net effect does not appear material to us (see below). Importantly, the update removes a key overhang on PTGX shares heading into important clinical readouts over the next ~12 months. Of note, while PTGX shares were up materially yesterday (~90-95% versus NBI flattish), we would note that shares have not returned to pre-clinical hold levels, leaving upside on probability adjusted polycythemia vera indication alone (phase 3 trial will be initiated in 1Q22). Importantly, with the clinical hold now lifted, we expect more focus on near-term catalysts – phase 2 data for rusfertide in hereditary hemochromatosis (HH) at AASLD in November and phase 2 PN-943 ulcerative colitis data in 2Q22 (Street expectations still evolving for both of these updates). Of note, both opportunities are currently excluded from our model. Our Overweight rating on PTGX shares is based on the long-term potential of rusfertide in PV and broader pipeline optionality."
Shares of Protagonist Therapeutics closed at $35.36 yesterday.
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