JPMorgan has reiterated an Overweight rating on Protagonist Therapeutics, maintaining a $93.00 price target on the stock after it slipped about 14% from mid-December highs. That price target implies roughly 13% upside from the share price cited by the bank of $82.30, although InvestingPro data cited in coverage suggests the shares may be trading above what that data labels as their Fair Value. Analyst targets for PTGX span from $65 to $115, and the consensus recommendation sits at 1.42.
The investment bank frames Protagonist’s market value largely around momentum connected to Icotyde’s anticipated launch and an increasingly visible royalty stream. JPMorgan’s note highlights that a 10% royalty on potential peak sales of $10 billion could equate, at the high end of its assumptions, to approximately $5 billion in enterprise value. The company’s market capitalization was reported at $5.15 billion, and InvestingPro-derived metrics show elevated multiples for the stock, including a price-to-earnings ratio of 114.4.
Beyond Icotyde, JPMorgan characterizes rusfertide’s royalty stream as "one of the most under-appreciated components" of Protagonist’s overall value. The bank anticipates a partner opt-out in the second quarter that would trigger a $400 million payment to Protagonist. Additionally, JPMorgan models a 21% royalty on estimated $1.5 billion peak sales for rusfertide, which it says could add another $1.5 billion to enterprise value under its scenario. The firm notes this potential inflow would bolster Protagonist’s already solid balance sheet; InvestingPro data flagged that the company holds more cash than debt and reports a current ratio of 13.05.
Looking to internal drivers, JPMorgan identifies an oral IL-17 program as the next major catalyst expected this year. The bank suggests investors may attribute value to that program based in part on Protagonist’s prior Icotyde experience. Separately, JPMorgan draws attention to the company’s disclosure of additional obesity programs at the JPMorgan Healthcare Conference and raises the question of whether those moves are intended primarily to attract partners or to support a broader strategic objective in the near term.
Outside of JPMorgan’s note, Protagonist has been the subject of several analyst updates in recent weeks, reflecting active coverage and a generally optimistic tone among sell-side firms.
- Truist Securities raised its price target to $110, emphasizing the pivotal nature of 2026 for the company’s lead assets, including the anticipated approval of icotrokinra for psoriasis and a regulatory review for rusfertide.
- Citizens kept its Market Outperform rating and assigned a $102 price target after citing positive results from the VERIFY trial that demonstrated significant improvement in rusfertide’s efficacy.
- Jefferies maintained a Buy rating with a $95 price target, pointing to growth potential as two programs approach potential regulatory approvals.
- Clear Street raised its target to $91 and highlighted the potential for rusfertide in polycythemia vera, noting the appeal of a self-administration profile.
- Earlier, Truist had lifted its price target to $88 while acknowledging progress in the Crohn’s disease program and projecting $1.1 billion in peak sales for that asset, a figure the firm said surpasses consensus estimates.
Taken together, these analyst moves underscore a period of active interest in Protagonist’s clinical and commercial trajectory, with multiple firms updating valuations and reiterating positive recommendations as key regulatory and data events approach.
Investors assessing Protagonist should weigh the central role that anticipated royalty streams and near-term program catalysts play in current valuations, as reflected in the range of price targets and the consensus recommendation. The company’s balance-sheet position and potential one-time partner payments are cited as further support by JPMorgan and others, while additional internal programs and conference disclosures are presented as items to watch for potential partner interest or strategic shifts.