Nomura Instinet analyst Christopher Marai says he's an "aggressive" buyer of Protagonist Therapeutics following yesterday's selloff. The preliminary results from the Transcend Phase 2 open-label study suggests that PTG-300 is effective at reducing serum iron levels even in patients with significantly elevated iron levels at baseline, Marai tells investors in a research note. He believes the data are "misunderstood" and keeps a Buy rating on Protagonist with a $29 price target. Only preliminary anecdotal efficacy data on transfusion burden could be reported due to small sample size and limited duration of followup, the analyst points out.