Jul. 7 at 11:16 AM
Truist⬆️
$PTGX's PT to
$145 and said ~~ We reiterate our Buy rating of PTGX as we continue to be bullish on broader Icotyde commercial opportunity.
$JNJ TAK
$ABBV ALMS BMY ABVX
Truist added—Johnson & Johnson (JNJ, NR) commentary on Icotyde continues to indicate
1) rapid access and uptake for the drug in Psoriasis;
2) strong KOL enthusiasm driven by label strength, &
3) comments around Ico potential to be "one of their biggest products ever", raising overall peak sales estimates beyond
$10B.
We have updated our model to reflect slightly increased market share of Icotyde in PsO; new PT is
$145/sh vs.
$121 prev. Additionally, we provide our perspective on PN-881 with focus on Ph2 start YE26.