Protagonist Therapeutics (NASDAQ: PTGX) Rallies after Announcing PTG-300 Phase 2 Trial Initial Results

Protagonist Therapeutics Inc (NASDAQ: PTGX) was one of the top gainers in Wednesday’s trading session. The stock rallied to close the day with gains of 72.92%. This came a day after it announced early results for its ongoing phase 2 study for PTG-300. The preliminary results were from patients with transfusion-dependent beta-thalassemia.

From the results, the company noted reductions from baseline serum iron. On top of that, the company announced that there was a significant reduction in transferrin saturation when observed at weekly doses of 40g and 80 mg.  

According to the company’s Chief Medical Officer, the observations above present initial evidence on the effects of PTG-300. He added that, the initial results provide the potential to find the right dose of PTG-300 in the treatment of beta-thalassemia.  He also noted that, even though they had observed clinical response based on pre-specified criteria, there is a need for more evaluation at higher doses. This will help in evaluating the rate, and the length, of these effects and reach a more solid conclusion.

Medical experts have weighed in on PTC-300 too. According to Ashutosh Lal M.D, the program director of the comprehensive thalassemia center at the UCSF Benioff hospital, there are limited treatment options for beta-thalassemia at the moment. Ashutosh further added that, the trial by Protagonist Therapeutics looking into whether limiting iron availability helps advance hemoglobin synthesis will help patients suffering from beta-thalassemia. He noted that, PTG-300 is worthy of continued evaluation as a possible treatment for beta-thalassemia.

Looking at the charts, PTGX is in a reversal after several months of decline. In yesterday’s session, the stock traded between a high of $8.99 and a low of $5.40 before closing the day at $8.11. Volumes in the day stood at 19.06 million.

About Protagonist Therapeutics Inc

Protagonist Therapeutics Inc is a biopharma that develops treatments for unmet medical needs in gastroenterology and hematology. The company is headquartered in Newark, California.