Citi's analyst, Geoff Meacham, has initiated coverage on Protagonist Therapeutics (PTGX, Financial), assigning a Buy rating and a target price of $72. This positive outlook is supported by the promising potential of the company's drug candidates, rusfertide for polycythemia vera and an oral IL-23 inhibitor aimed at treating inflammation conditions. While acknowledging the stock’s notable performance over the past three months, Citi emphasizes rusfertide’s remarkable efficacy shown in Phase 3 trials, which includes enhancements in patients' quality of life. These results suggest significant potential for rusfertide among polycythemia vera patients, an area with ongoing unmet medical needs.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 9 analysts, the average target price for Protagonist Therapeutics Inc (PTGX, Financial) is $69.00 with a high estimate of $82.00 and a low estimate of $41.00. The average target implies an upside of 26.23% from the current price of $54.66. More detailed estimate data can be found on the Protagonist Therapeutics Inc (PTGX) Forecast page.
Based on the consensus recommendation from 10 brokerage firms, Protagonist Therapeutics Inc's (PTGX, Financial) average brokerage recommendation is currently 1.8, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
