Benzinga - JMP Securities has increased the price target for Protagonist Therapeutics Inc (NASDAQ: PTGX) from $28 to $35, with a Market Outperform rating.
Protagonist Therapeutics announced topline results from the Phase 2b FRONTIER 1 trial of the oral interleukin-23 receptor (IL-23R) antagonist JNJ-2113 (formerly PN-235) in adult patients with moderate-to-severe plaque psoriasis presented at World Congress of Dermatology in Singapore.
JMP analyst says the detailed Phase 2b data support JNJ-2113 as the most efficacious oral agent in development for psoriasis.
It notes that JNJ-2113 led to PASI response rates better than any other oral agent approved or in development for psoriasis with a clean safety profile.
The shares fell as the data fell short of injectables. But the analyst says the full data shows ‘2113 as the only oral IL-23R antagonist in development and has a unique position backed by Phase 2 data better than any oral out there.
The shares have not fully recovered, attributed to:
- The best ‘2113 responses were observed with its twice-daily dose.
- Data from Ventyx Biosciences Inc’s (NASDAQ: VTYX) oral TYK2 inhibitor VTX958 are coming in 4Q23, and some investors think this candidate could take the pole position as the best oral in development.
Price Action: PTGX shares are up 0.98% at $23.62 on the last check Thursday.
Latest Ratings for PTGX
Feb 2022 | BTIG | Initiates Coverage On | Buy | |
Nov 2021 | JMP Securities | Maintains | Market Outperform | |
Oct 2021 | JMP Securities | Maintains | Market Outperform |
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