Protagonist Therapeutics' Two Investigational Candidates Target Over $10B Market, Bullish Analyst Opines
Protagonist Therapeutics' Two Investigational Candidates Target Over $10B Market, Bullish Analyst Opines
Truist Securities initiated coverage on Protagonist Therapeutics Inc (NASDAQ:PTGX), citing its first-in-class lead asset with encouraging Phase 2 data in a rare form of blood cancer and a multi-billion dollar opportunity.
Truist Securities开始对Protagonist Therapeutics Inc（纳斯达克股票代码：PTGX）进行报道，理由是其首创的主要资产，其第二阶段数据令人鼓舞，这是一种罕见的血液癌和数十亿美元的机会。
Protagonist Therapeutics' lead assets, rusfertide and JNJ-2113, have shown promising clinical results across various trials, leading to partnerships with Takeda Pharmaceutical Co Ltd (NYSE:TAK) and Johnson & Johnson (NYSE:JNJ).
Protagonist Therapeutics的主要资产rusfertide和 JNJ-2113 在各种试验中均显示出令人鼓舞的临床结果，从而与武田制药有限公司（纽约证券交易所代码：TAK）和强生（纽约证券交易所代码：JNJ）建立了合作伙伴关系。
Truist models peak end user unadjusted sales of $2.8 billion vs. the consensus of $2 billion to rusfertide, which are reflected in ~$660 million adjusted peak revenues to Protagonist Therapeutics (profit-share in US + royalties ex-US).
Truist模型的最终用户未经调整的峰值销售额为28亿美元，而rusfertide的预期销售额为20亿美元，这反映在Protagonist Therapeutics调整后的约6.6亿美元峰值收入（美国的利润份额+除美国以外的特许权使用费）中。
The analyst has initiated with a Buy rating and a price target of $60. Talking about JNJ-2113, an oral IL-23, is a well-established pathway with four FDA-approved inhibitors for various conditions.
该分析师最初的评级为买入，目标股价为60美元。谈论 JNJ-2113，一种口服 IL-23，是一种行之有效的途径，含有四种经美国食品药品管理局批准的用于各种疾病的抑制剂。
The analyst emphasizes that JNJ-2113 stands out as the only orally administered IL-23 inhibitor, offering a significant advantage over others in the field with improved dosing and administration.
该分析师强调，JNJ-2113 作为唯一口服给药的 IL-23 抑制剂脱颖而出，与该领域的其他抑制剂相比，具有显著的优势，其剂量和给药效果有所改善。
Phase 2 trial data for psoriasis demonstrate improved efficacy compared to other oral treatments and IL-23 inhibitors like Johnson & Johnson's Tremfya and Stelara, though cross-trial comparisons have limitations.
尽管跨试验比较存在局限性，但与强生公司的Tremfya和Stelara等其他口服治疗和IL-23 抑制剂相比，银屑病的2期试验数据表明，疗效有所提高。
Truist highlights a significant unmet need in Inflammation & Immunology (I&I), particularly for an oral IL-23 treatment that could expand market opportunities and potentially lead to switching from other oral therapies with different mechanisms of action. Truist also sees potential for JNJ-2113 to be effective in additional indications.
Truist 强调了炎症与免疫学（I&I）领域尚未得到满足的巨大需求，尤其是对口服 IL-23 治疗的需求，这种需求可能会扩大市场机会，并有可能导致人们从其他具有不同作用机制的口服疗法转向。Truist 还认为，JNJ-2113 有可能在其他适应症中发挥作用。
The analyst models around $4 billion in peak unadjusted end-user sales for JNJ-2113 in psoriasis, reflected as ~$300 million in peak adjusted royalties to the company vs. the consensus of $320 million.
分析师估计，牛皮癣 JNJ-2113 未经调整的最终用户销售额峰值约为40亿美元，反映为该公司调整后的峰值特许权使用费约为3亿美元，而市场普遍预期为3.2亿美元。
The analyst also sees a potential peak opportunity of $2.7 billion in ulcerative colitis but awaits data from the trial expected in the fourth quarter of 2024 before assigning any value.
该分析师还认为，溃疡性结肠炎的潜在峰值机会为27亿美元，但要等待预计在2024年第四季度进行的试验数据后再给出任何价值。
Price Action: PTGX stock is up 0.83% at $44.96 at the last check on Tuesday.
价格走势：在周二的最后一次检查中，PTGX股价上涨0.83％，至44.96美元。
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