Selected stock price target news of the day - July 05, 2023

By Matthew Otto

Protagonist Therapeutics’ Shows Trial Results for Oral Psoriasis Treatment JNJ-2113

Protagonist Therapeutics announced results from the Phase 2b FRONTIER 1 clinical trial of JNJ-2113, an oral interleukin-23 receptor (IL-23R) antagonist, in treating moderate-to-severe plaque psoriasis. The trial achieved all primary and secondary efficacy endpoints, and a larger proportion of patients who received JNJ-2113 experienced significant improvements in skin lesions, as measured by the Psoriasis Area and Severity Index (PASI), compared to those who received a placebo.

Patients treated with JNJ-2113 demonstrated achievement of PASI 75, PASI 90, and PASI 100 (75%, 90%, and 100% improvement in skin lesions respectively) at week 16. These trial results support the advancement of JNJ-2113 into phase 3 clinical development for the treatment of moderate-to-severe plaque psoriasis in adult patients.

Plaque psoriasis is the most prevalent form of psoriasis in the United States, impacting approximately 6.7 million adults. It is characterized by the formation of raised, red, and scaly patches on the skin. This condition can cause significant discomfort and distress for those affected.

Analysts Differing Price Targets for Protagonist Therapeutics, Bullish Outlook Prevails

Piper Sandler analyst Yasmeen Rahimi reiterates an Overweight rating and a price target of $35.
BTIG analyst Julian Harrison maintains a Buy rating and a price target of $41.
Jefferies analyst Roger Song raises the price target from $40 to $49 while maintaining a Buy rating.

Analyst Jonathan Wolleben (JMP) has currently the highest performing score on PTGX with 3/6 (50%) price target fulfillment ratio. His price targets carry on average an $16.25 (62.94%) potential upside and are fulfilled within an average of 110 days.

Rivian Automotive’s Q2 2023 Deliveries

Rivian Automotive showed growth in the second quarter, manufacturing 13,992 electric vehicles and selling 12,640 units. This positive news pleased investors, reflected in an 8% increase in Rivian’s stock price, reaching around $18 per share. In comparison, the S&P 500 was slightly down, while the Nasdaq Composite saw a small increase. Over the past month, Rivian shares have risen approximately 25%.

The remarkable growth is the driving force behind this positive performance. Production soared over 200% compared to the previous year, rising from 9,395 vehicles in the first quarter. Sales also saw an increase of about 180% year over year, surpassing the 7,946 units sold in the first quarter.

Exceeding expectations is another factor contributing to the investor satisfaction. Wall Street predicted around 11,000 units to be delivered, but Rivian surpassed that figure. Higher deliveries translate to increased sales and potentially a smaller-than-anticipated loss for the second quarter.

Rivian has already produced around 23,000 units in 2023, well on track to meet its full-year target of approximately 50,000 units.

Analysts Offer Mixed Perspectives on Rivian

DA Davidson analyst Michael Shlisky has upgraded from Underperform to Neutral and the price target from $11 to $18.
Needham analyst Chris Pierce maintains a Buy rating and raises the price target from $26 to $28.
Piper Sandler analyst Alexander Potter has downgraded from Overweight to Neutral and his price target from $63 to $15.

Analyst Mark Delaney (GOLDMAN) has currently the highest performing score on RIVN with 5/5 (100%) price target fulfillment ratio. His price targets carry on an average of $-6.8 (4.77%) potential downside and are fulfilled within an average of 29 days.

Foxconn’s Revenue Raises Concerns for Apple as Smartphone Sales Weaken

A key supplier of Apple, Foxconn Technology, has announced a decrease in revenue in the previous month, largely due to a drop in smartphone sales.

The slump in Foxconn’s performance also reflected in the company’s quarterly figures, with total revenue for the three months up to the end of June at NT$ 1,302.7 billion. This marks a 10.9% decrease quarter over quarter and a 13.8% drop from a year earlier. Foxconn’s computing products segment showed double-digit growth, while components remained stagnant, and other segments, including cloud and networking products, and smart consumer electronics like iPhones, declined.

Given Apple’s dependence on iPhone sales for its quarterly profits, Foxconn’s current financial scenario could potentially forecast upcoming market trends for Apple’s flagship product.

Analyst Views on Apple Stock Differ

UBS analyst David Vogt reiterated a Neutral rating and a price target of $190.
DA Davidson downgraded to Neutral and the price target to $185.
Jefferies analyst Kyle McNealy raised the price target to $135 while maintaining a Buy rating.

Analyst David Vogt (UBS) has currently the highest performing score on AAPL with 23/23 (100%) price target fulfillment ratio. His price targets carry on an average of $26.94 (19.05%) potential upside and are fulfilled within an average of 149 days.