Protagonist Therapeutics Inc . (NASDAQ:PTGX) stock soared to a 52-week high, reaching a price level of $43.79, marking a significant milestone for the biopharmaceutical company. This peak comes amidst a remarkable year for Protagonist, with the stock witnessing an impressive 129.24% change over the past year. Investors and industry watchers attribute this surge to the company's promising pipeline of drug candidates and strategic partnerships, which have bolstered investor confidence and fueled the stock's upward trajectory. The 52-week high represents a key indicator of the company's current market strength and growth potential, as Protagonist continues to advance its clinical programs and expand its reach in the biotech sector.
In other recent news, Protagonist Therapeutics has been the subject of numerous analyst reports. Truist Securities initiated coverage with a Buy rating and a price target of $60.00 per share, noting the potential of the company's lead asset in treating rare blood cancer, and the de-risked second asset targeting IL-23. BTIG increased the company's price target from $41.00 to $51.00, maintaining a Buy rating, while JPMorgan (NYSE:JPM) raised its price target from $37.00 to $39.00, maintaining an Overweight rating.
Protagonist Therapeutics appointed Newman Yeilding, M.D., as its Chief Scientific Advisor. Dr. Yeilding, with his vast experience from Janssen Pharmaceutical Companies of Johnson & Johnson (NYSE:JNJ), is expected to guide the company's research and development, especially as it expands its pipeline with potential drug candidates.
The company has also revealed updates in their drug development pipeline. The completion date for the company's ANTHEM-UC Phase 2b study of JNJ-2113, a treatment for ulcerative colitis, has been moved to September 2024. Protagonist Therapeutics has also announced its entry into the obesity treatment market, with further details to be disclosed later. These are recent developments that investors should be aware of.
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