March 7 Quick Takes: Protagonist crosses $1B in market cap as shares rise on psoriasis data

Protagonist Therapeutics Inc. (NASDAQ:PTGX) rose $7.89 (52%) to $23.09 on Tuesday, reaching $1.1 billion in market cap, after top-line data from the Phase IIb FRONTIER 1 study showed that oral IL-23 receptor antagonist JNJ-2113 met the primary endpoint of PASI 75, a 75% improvement in skin lesions as measured by the Psoriasis Area and Severity Index, at week 16 in moderate to severe plaque psoriasis patients. Protagonist said it expects JNJ-2113, which it is developing with partner Johnson & Johnson (NYSE:JNJ), to move into Phase III testing in the indication; it did not provide a timeline. The stock move nearly returns Protagonist shares to their levels of last spring, before a regulatory setback for rusfertide.

Six months after the first of several delays due to a review by the Committee on Foreign Investment in the United States (CFIUS), invoX Pharma Ltd.’s acquisition of F-star Therapeutics Inc. (NASDAQ:FSTX) has been cleared by the U.S. agency. The companies expect the deal to be completed promptly.  ...