Prometheus Biosciences Inc RXDX shares are trading higher Thursday after multiple analyst firms raised price targets on the stock following positive results from the company's PRA023 in both ARTEMIS-UC Phase 2 and APOLLO-CD Phase 2a studies.
What Happened: Prometheus said its ARTEMIS trial met its primary endpoint with 26.5% of patients on PRA023 achieving clinical remission compared to 1.5% of patients on placebo at week 12. The trial also met all ranked secondary endpoints.
The APOLLO trial showed a 26% endoscopic response and 49.1% clinical remission rates.
Analyst Assessment: Following the trial results, several analysts raised price targets on the stock.
- RBC Capital analyst Gregory Renza maintained Prometheus Biosciences with an Outperform and raised the price target from $66 to $111.
- Oppenheimer analyst Jeff Jones maintained Prometheus Biosciences with an Outperform and raised the price target from $61 to $125.
- BTIG analyst Julian Harrison maintained Prometheus Biosciences with a Buy and raised the price target from $74 to $181.
- Credit Suisse analyst Tiago Fauth maintained Prometheus Biosciences with an Outperform and raised the price target from $59 to $142.
Related Link: Where Prometheus Biosciences Stands With Analysts
RXDX Price Action: Prometheus Biosciences has a 52-week high of $117.31 and a 52-week low of $21.50.
The stock was up 21.3% at $116.08 at time of publication, according to Benzinga Pro.
Photo: Victoria Model from Pixabay.
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