Prometheus soars to 6-month high as Oppenheimer upgrades stock

Prometheus Biosciences

08/12/2021 15:42

** Biotech co Prometheus Biosciences' shares  RXDX.O  up 10%
at $35.35 - tracking its best day since June 15
    ** Oppenheimer upgrades stock to "outperform" from "perform"
on strong data and new indication
    ** Brokerage also raises PT to $50 from $35      
    ** RXDX’s position at the forefront of precision medicine
for inflammatory bowel disease provides the opportunity to bring
a differentiated product to the market ahead of competitors -
Oppenheimer 
    ** Oppenheimer sees co's drug PRA023 having potential to
achieve over $400 mln in net sales five years after launch  
    ** SVB Leerink also raises PT to $47 from $43
    ** All six brokerages covering the stock rate it "buy" or
higher; their median PT is $46 - Refinitiv data
    ** Stock has risen 41.1% since its debut in March, including
session gains

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;))