Wainwright Raises Protagonist Stock Target to $170 After FDA Approval

H.C. Wainwright has raised its price target on Protagonist Therapeutics stock to $170 from $167 while maintaining a Buy rating. This comes after the FDA approved rusfertide for erythrocytosis in adults with polycythemia vera.

The stock currently trades at $147.75, up 150% over the past year and 69% year-to-date. Takeda will commercialize rusfertide while Johnson & Johnson (NYSE:JNJ) commercializes icotrokinra. Protagonist earns royalties and milestones from both products rather than product sales.

H.C. Wainwright said the price target increase reflects a move to a 100% probability of success for rusfertide in polycythemia vera now that the product is approved. Analysts maintain a strong buy consensus on the stock, though InvestingPro data suggests the shares may be overvalued at current levels relative to its Fair Value.