Why Prometheus Biosciences Stock Is Rocketing Higher Today

Prometheus Biosciences Inc RXDX shares are trading higher Thursday after multiple analyst firms raised price targets on the stock following positive results from the company's PRA023 in both ARTEMIS-UC Phase 2 and APOLLO-CD Phase 2a studies.

What Happened: Prometheus said its ARTEMIS trial met its primary endpoint with 26.5% of patients on PRA023 achieving clinical remission compared to 1.5% of patients on placebo at week 12. The trial also met all ranked secondary endpoints. 

The APOLLO trial showed a 26% endoscopic response and 49.1% clinical remission rates.

Analyst Assessment: Following the trial results, several analysts raised price targets on the stock.

• RBC Capital analyst Gregory Renza maintained Prometheus Biosciences with an Outperform and raised the price target from $66 to $111.
• Oppenheimer analyst Jeff Jones maintained Prometheus Biosciences with an Outperform and raised the price target from $61 to $125.
• BTIG analyst Julian Harrison maintained Prometheus Biosciences with a Buy and raised the price target from $74 to $181.
• Credit Suisse analyst Tiago Fauth maintained Prometheus Biosciences with an Outperform and raised the price target from $59 to $142.

Related Link: Where Prometheus Biosciences Stands With Analysts

RXDX Price Action: Prometheus Biosciences has a 52-week high of $117.31 and a 52-week low of $21.50.

The stock was up 21.3% at $116.08 at time of publication, according to Benzinga Pro.

Photo: Victoria Model from Pixabay.