Jun. 2 at 2:46 PM
JPMorgan reit
$PTGX OW-
$66, calls rusfertide's data 'practice changing' and said,"
$PTGX and partner
$TAK presented rusfertide's pivotal Ph 3 Part 1a results in PV at #ASCO yesterday. Separately,
$PTGX also hosted a call this morning to walk through the data."
#ASCO25
$JNJ
JPMorgan added, "We believe the data was a strong showcase of rus' profile, clearing the key questions remaining from 1Q's topline (note).
While the tx arm appeared to have slightly higher proportion of sicker pts (6% delta in those requiring >=7 TP at BL), the clinical benefits were clearly unaffected.
We believe the data finally put investors' safety worries fully to bed.
Based on this data, we believe rus' is practicing change and will disrupt the current paradigm of how PV is treated.
We continue to see rus' as the most under-appreciated component in
$PTGX's SOTP, which we assume
$18/share in our PT with
$1.3bn risk-adjusted WW peak sales by 2034. Rus' with yesterday's data should warrant a second look from investors."