Protagonist Therapeutics' (PTGX) future growth will hinge more on its wholly owned programs than on its newly approved partner therapy, with the company's first clinical readouts from its proprietary pipeline expected in H1 2027. Wedbush Securities said Monday in a report.

Wedbush highlighted PN-8047, an oral version of rusfertide, a treatment recently approved for polycythemia vera and commercialized by Takeda Pharmaceutical (TAK). PN-8047 appears similarly potent and may move into a phase 2 study in 2027 if early safety and iron-lowering data are positive, the report said.

Protagonist's cash position is strengthened by payments tied to rusfertide's regulatory approval, including a $200 million opt-out fee and a $75 million milestone, along with similar payments from Johnson & Johnson (JNJ) for icotyde, an oral anti-inflammatory drug being developed for psoriasis and other immune conditions, the report said.

Wedbush maintained its outperform rating on Protagonist stock with a $173 price target.

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