CS raises PT for Prometheus on 'best-in-class' potential of IBD therapy

Prometheus Biosciences

12/08/2022 14:35

** Credit Suisse raises PT for Prometheus Biosciences
 RXDX.O  to $59 from $52 on potential of its treatment candidate
for various types of inflammatory bowel diseases  
    ** Co is currently testing PRA023 in ulcerative colitis,
Crohn's disease, and systemic sclerosis-associated interstitial
lung disease
    ** Brokerage says PRA023 achieved more than 80%
bioavailability in recent study, which compares favorably to
~42-47% estimated in Pfizer's candidate
    ** Bioavailability is measure of rate and fraction of
initial dose of a drug that successfully reaches site of action 
    ** PRA023's differentiated profile positions it as a
potential best-in-class subcutaneous agent - Credit Suisse
    ** All 11 brokerages covering the stock rate it "buy" or
higher; their median PT is $55 - Refinitiv data
    ** Stock has risen ~19% YTD

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com;))