10 Firms Buck Market Bloodbath on Monday

1. Protagonist Therapeutics, Inc. (NASDAQ:PTGX)

Protagonist Therapeutics surged by 45.89 percent on Monday to finish at $55.95 each as investor sentiment was buoyed by the positive result from the phase 2b study of icotrokinra (JNJ-2113), a drug candidate which it partnered with pharmaceutical giant Johnson & Johnson.

According to PTGX, the study met its primary endpoint of clinical response in all icotrokinra dose groups evaluated.

Additionally, the study demonstrated clinically meaningful differences versus placebo in key secondary endpoints of clinical remission, symptomatic remission, and endoscopic improvement at Week 12.

“We are thrilled with the impressive results of once daily oral icotrokinra in the ANTHEM Phase 2 ulcerative colitis study, broadening the potential utility of this first-in-class and only-in-class oral IL-23 receptor antagonist from psoriasis to inflammatory bowel diseases,” said PTGX President and CEO Dinesh Patel. ”Icotrokinra has the potential to transform the treatment landscape in UC through its distinctive profile of efficacy, safety, tolerability, and convenience of a once-daily oral treatment. We eagerly await icotrokinra’s further progression into more advanced clinical studies in ulcerative colitis and Crohn’s disease.”

While we acknowledge the potential of PTGX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PTGX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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