Apr. 6 at 8:19 PM
Clear Street⬆️
$PTGX's PT to
$116 from
$104 and reiterated at a Buy rating.
$JNJ $ABBV BMY ALMS ABVX TAK
Clear Street said in its note:
We come away incrementally more constructive following our post-AAD management meeting and raise our PT to
$116 from
$104, with ICOTYDE further de-risking as a differentiated oral IL-23 and emerging as a potential best-in-class option in chronic indications.
Its clean label (no TB test), placebo-like safety, and SKYRIZI-like, highly competitive efficacy (vs. SOTYKTU and potentially STELARA) can credibly position ICOTYDE as a preferred choice for long-term (maintenance) use, where oral convenience should further accelerate adoption. Accordingly, we increase our PsO peak penetration assumption to 18% from 15%, driving our PT revision.
