Citi Rates Protagonist Therapeutics (PTGX) as Buy Protagonists Drugs Opportunity

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) is one of the 10 biotech stocks screaming a buy. On June 17, Citi initiated coverage of the stock with a ‘Buy’ rating and a $72 price target. The research firm remains bullish about the company’s prospects owing to the strong potential of its drug candidates.

A scientist in a lab coat examining a Petri dish containing a biopharmaceutical culture.

The company’s partnership with Takeda on Rusfertide to treat polycythemia Vera (PV) and oral IL-23 (icotrokinra) is one of the developments that underscore the research firm’s favorable rating. Rusfertide demonstrated strong potential in PV patients in phase 3 trials, affirming its potential to address unmet needs.

Citi is especially bullish about adding Rusfertide to existing therapies to expand its use case. In addition, the firm echoed the company’s strategic partnership with Johnson & Johnson for multiple inflammation indications.

According to Citi, Protagonist Therapeutics shares have outperformed over the past three months, going up by a 40% gain compared to a 2% gain of the S&P 500. It expects the company’s combined revenues to climb to $700 million by 2032, above consensus estimates of $680 million.

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) is a biopharmaceutical company that develops peptide-based drugs to treat various diseases, including rare and prevalent ones. Its pipeline includes treatments for blood disorders like polycythemia Vera and inflammatory conditions like ulcerative colitis and psoriasis.

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