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RBC Capital analyst Gregory Renza raised the firm's price target on Prometheus to $111 from $66 and keeps an Outperform rating on the shares. The analyst cites the company's topline data for PRA023 bolstered by commentary and investor feedback, while noting that its conference call offered additional details on the "solid results" which continue to impress with its rapid activity onset, low ADA level and limited impact. Renza adds that his increased price target reflects an increase in the probability of success of the IBD programs and deeper penetrations to reflect a robust clinical profile of PRA023.

Credit Suisse analyst Tiago Fauth raised the firm's price target on Prometheus to $142 from $59 and keeps an Outperform rating on the shares following ulcerative colitis and Crohn's disease data. The debate is now shifting to the potential size of the class - the analyst believes current market dynamics in IBD remains favorable for a potential best-in-class asset such as PRA023: patients cycle through multiple therapies and there is a substantial pool of biologic-experienced patients that would likely welcome a new MoA. PRA023 has established a highly competitive efficacy profile relative to other biologics in UC, with potentially transformative efficacy in biomarker positive patients if the interim readout results are replicated across registrational studies, offering Prometheus substantial commercial optionality and possibly more favorable pricing/broader access in earlier lines than originally expected, Fauth contends.

Wells Fargo analyst Derek Archila raised the firm's price target on Prometheus to $164 from $71 and keeps an Overweight rating on the shares after updating his model to reflect the positive Phase 2 ulcerative colitis and Crohn's disease data, and solid trends on its CDx+ approach. Given the data, the analyst thinks Prometheus has meaningful scarcity value for two reasons, namely market leading efficacy in UC all-comers and even better in CDx + pts; while the CDx+ approach will be further validated in the expanded cohort in Q2 2023, Wednesday's data is highly meaningful because it was done prospectively in Prometheus' Phase 2 trials.

BTIG analyst Julian Harrison raised the firm's price target on Prometheus to $181 from $74 and keeps a Buy rating on the shares after its phase 2 study results for lead program PRA023 in both ulcerative colitis, UC, and Crohn's disease, CD. The company has set "high watermarks" for the entire inflammatory bowel disease field, with JAK-like efficacy both in UC and CD coupled with a "remarkably clean" safety profile, the analyst tells investors in a research note. PRA023 therapeutic profile is "unprecedented" and likely moves the program to the front of the line in both indications, Harrison adds.

Oppenheimer analyst Jeff Jones raised the firm's price target on Prometheus to $125 from $61 and keeps an Outperform rating on the shares after the company announced significant Phase 2 wins for lead program PRA023 in both ulcerative colitis and Crohn's disease. Results in UC, with a 25% placebo-adjusted remission rate, exceeded expectations and positions PRA023 as a potential best-in-category contender. This result is further bolstered by the interim CDx readout identifying patients who have potential for a further increased rate of clinical remission, the analyst notes. In CD, results were positive but less dramatic, Jones adds. In both cases, PRA023 demonstrated a clean safety profile.