Mar. 18 at 2:40 PM
Truist reiterated
$PTGX Buy;
$110,
$JNJ $ABVX $ALMS ABBV
$TAK
Truist said:::This morning, Protagonist (PTGX, Buy) and Johnson & Johnson (JNJ, NR) reported FDA approval of Icotyde (icotrokinra) in 12+ year old moderate to severe plaque psoriasis (PsO), marking Protagonist's official transition to a commercial company.
We see strong differentiation as the first oral therapy with biologic-like efficacy in a TAM with ~8M patients, as per JNJ.
We model
$730M peak revenue to PTGX in royalties vs
$560M consensus and note partner JNJ (JNJ, NR) estimates ico to present a~
$5-10B market opportunity.
With priority review for rusfertide (launch expected 2H26), we think this sets PTGX up to continue to deliver pipeline progress with strong cash position. Reiterate Buy.
