Protagonist Therapeutics (PTGX) stock broke out Monday after the company's Johnson & Johnson (JNJ)-partnered drug topped its rival from Bristol Myers Squibb (BMY) in a study of plaque psoriasis patients.
↑ X NOW PLAYING How To Buy Stocks: Spotting Early Entries On Potential BreakoutsProtagonist and J&J pitted their experimental drug, icotrokinra or JNJ-2113, against Bristol's approved treatment, Sotyktu. In addition to showing statistically significant results on the primary goals of the study — improvement in inflammation and reaching clear skin — icotrokinra outperformed Sotyktu across all study goals at weeks 16 and 24.
Now, J&J is planning a head-to-head study comparing the same drug in patients to its own Stelara in patients with plaque psoriasis. This suggests "JNJ's strong confidence in JNJ-2113's efficacy as well as commitment to establishing JNJ-2113 as a paradigm shifting therapy in PsO, and potentially additional indications as well," Wedbush analyst Yun Zhong said in a report.
Protagonist Therapeutics shares shot up more than 30% to 50.03 in early action. Shares opened north of a buy point at 48.89 out of a consolidation, according to MarketSurge.
More to follow.
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