In a report released yesterday, Tim Chiang from Capital One Financial maintained a Buy rating on Protagonist Therapeutics (PTGX – Research Report), with a price target of $48.00.
Tim Chiang has given his Buy rating due to a combination of factors surrounding Protagonist Therapeutics. The company’s impressive first-quarter financials, buoyed by a lucrative licensing deal with Takeda, showcased a substantial revenue injection. Protagonist’s strong pipeline, particularly JNJ-2113, has advanced into pivotal studies and shows promise for the treatment of moderate-to-severe psoriasis. Moreover, the New England Journal of Medicine’s positive highlight of the company’s clinical data further substantiates the potential of its product candidates.
Additionally, a significant partnership with Johnson & Johnson for JNJ-2113 not only provides substantial validation but also a financial cushion through milestone payments and future royalties. The company’s healthy cash balance ensures a robust runway for continued operations and development. Anticipation for new discovery programs, including an oral IL-17 development candidate, also factors into the positive outlook, suggesting a dynamic and expanding portfolio that could drive future growth. Chiang’s valuation method, which predicts a price target significantly higher than the current trading price, reflects confidence in Protagonist’s potential for success.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTGX in relation to earlier this year.
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Protagonist Therapeutics (PTGX) Company Description:
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the research and development of novel constrained peptide-based drug candidates that address significant unmet medical needs. The firm’s initial lead product candidates, PTG-100 and PTG-200, are being developed for moderate-to-severe ulcerative colitis and Crohn’s disease, respectively. The company was founded by Mark L. Smythe on August 22, 2006 and is headquartered in Newark, CA.
