J.P. Morgan upgrades Protagonist to overweight following clinical hold removal

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• J.P. Morgan has upgraded Protagonist Therapeutics (NASDAQ:PTGX) from neutral to overweight after the FDA removed a clinical hold on its clinical studies for rusfertide.
• The firm also upped its price target to $55 from $49 (~56% upside).
• Analyst Anupam Rama said the overweight rating reflects the long-term potential of rusfertide in polycythemia vera as well as the company's pipeline.
• "We expect more focus on near-term catalysts – phase 2 data for rusfertide in hereditary hemochromatosis at AASLD in November and phase 2 PN-943 ulcerative colitis data in 2Q22," Rama writes.
• Yesterday, Northland Capital upped its price target on shares to $47.