Protagonist Therapeutics Inc. saw its shares close at $58.86 on Friday, registering a decline of 1.37%, despite a significant corporate development. On the same day, Johnson & Johnson submitted a marketing authorization application to the European Medicines Agency (EMA) for icotrokinra, an oral treatment for moderate-to-severe plaque psoriasis.
This European filing represents the second major regulatory step for the drug candidate, following a submission to the U.S. Food and Drug Administration (FDA) that was completed in July. Both applications are supported by a robust clinical data package derived from four separate Phase 3 trials within the ICONIC development program. The studies successfully met all primary and co-primary endpoints, demonstrating that the once-daily oral therapy offers significant skin clearance and is well-tolerated by patients.
The company’s progress was met with affirmation from Wall Street. Leerink Partners commenced coverage of Protagonist Therapeutics with an Outperform rating, assigning a price target of $73 per share. This positive outlook is consistent with the broader analyst consensus. A total of twelve market experts currently rate the stock as an Outperform, with their average price target standing at $69.36. This suggests a potential upside of more than 16% from the current trading level.
Should investors sell immediately? Or is it worth buying Protagonist Therapeutics?
Financially, Protagonist is positioned to support its pipeline through to commercialization. As of June 30, 2025, the company reported a strong cash position of $673 million. Management anticipates these funds will be sufficient to sustain operations at least through the end of 2028. The company is also preparing for another significant filing later this year, with plans to seek approval for rusfertide, a treatment for polycythemia vera.
The upcoming regulatory decisions in both the U.S. and European markets are poised to be major catalysts for the company’s valuation. The success of icotrokinra, with its convenient oral administration, could potentially disrupt the established psoriasis treatment landscape.
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