Wainwright Raises Protagonist Stock Target to $170 Amid FDA Approval Boost

H.C. Wainwright has raised its price target for Protagonist Therapeutics' stock to $170 from $167, while maintaining a Buy rating.

The firm adjusted its target following the FDA's approval of rusfertide for erythrocytosis in adults with polycythemia vera.

Rusfertide is Protagonist's second FDA approval this year and represents the company's second first-in-class peptide discovery and development. The company received approval for icotrokinra, branded as Icotyde, earlier this year.

Takeda will commercialize rusfertide while Johnson & Johnson (NYSE:JNJ) commercializes icotrokinra. Protagonist earns royalties and milestones from both products rather than product sales.