UPDATE: Protagonist Therapeutics (PTGX) PT Raised to $93 at Piper Sandler on PN-943 Increasing Likelihood of Success
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Piper Sandler analyst Yasmeen Rahimi raised the price target on Protagonist Therapeutics (NASDAQ: PTGX) to $93.00 (from $53.00) on the belief that PN-943 can achieve clinical remission equal to Entyivo in the upcoming Phase 2b IDEAL study expected to read out in 2Q22.
The analyst reiterated an Overweight rating, stating "In the past 12 months, PTGX's 191% share gains were driven by robust Phase 2 efficacy data of PTG-300 (a hepcidin mimetic) to treat polycythemia vera, a blood disorder affecting 160k patients (70k are not at hematocrit control). While we are bullish on the PV opportunity, as we increase our peak estimates to $3.4B (from $2.6B) and POS to 90% (from 75%), we view the next 9 months as prime opportunity for second wholly-owned asset, PN-943, a gut restricted a4b7 antagonist, to drive share momentum heading into Phase 2b IDEAL data in 150 UC patients in 2Q22. Ahead of this key catalyst, our deep-dive of PN-943 and PTG-100's existing datasets concludes that IDEAL is set for success. Based on our analysis, we increased our POS for PN-943 to 60% (from 40%) and increased peak sales to $2B".
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