Updated Aug 10 at 6:03pm ET.
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Wedbush significantly raised its price target for the company, moving it from $118 to $173. A jump of this size usually happens when an analyst sees a major shift in the company's ability to generate cash or a lower risk for its upcoming drug approvals.
The firm is likely looking toward the expected late-2026 approval of the company's second major drug. If that drug for blood disorders reaches the market, it would trigger large payments from partners and further cement the company's transition into a profitable business.
Source: Wedbush
Goldman Sachs set a new price target of $186 for the company. This is a notable call from one of the most widely followed firms on Wall Street, and the target sits significantly higher than where the stock trades today.
Setting a high target like this suggests the firm believes the market is still underestimating the value of the company's oral peptide technology. By turning injectable drugs into pills, the company makes treatments easier for patients to take, which can lead to much higher sales and royalty checks over time.
Source: Goldman Sachs
Truist Financial raised its price target for the company to $170. This move reflects growing confidence in the business following its recent earnings report and the progress of its drug pipeline.
For a company like this, which relies on large partners to sell its drugs, analyst targets often move based on how quickly those partners can gain market share. The new target suggests the firm sees more room for the stock to grow as royalty payments begin to scale up.
Source: Truist Financial
Barclays analysts raised their price target for the stock from $151 to $153 while keeping an overweight rating. This is a small adjustment after the company reported its first full quarter of sales for its new psoriasis drug. It suggests the firm remains confident that the drug launch is on the right track.
Source: Barclays
The company reported earnings of $2.29 per share, slightly ahead of the $2.24 analysts expected. This was a pivotal quarter because it included the first full three months of sales for ICOTYDE, a pill for psoriasis. Management noted that doctors are adopting the drug quickly, which is vital because the company earns royalties on every sale made by its partner, Johnson & Johnson.
Beyond the current sales, the company is approaching a major milestone this month with an FDA decision on rusfertide, a treatment for a rare blood disorder. If approved, it would likely trigger significant cash payments from partners. With about $850 million in cash on hand and a pipeline that now includes an early-stage obesity drug, the business has successfully moved from a research firm to a profitable drug developer.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Analysts recently raised their price targets following the company's strong second-quarter earnings report. Almost all 26 analysts recommend buying the stock, and they expect the price to rise about 8% to an average target of $161.
The company has a habit of clearing the bar set by analysts, beating profit expectations in five of the last eight quarters. This suggests management is conservative with its forecasts.
| Expectation | |
|---|---|
| EPS | $2.15 |
| Revenue | $204M |
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