In a recent move within Protagonist Therapeutics, Inc. (NASDAQ:PTGX), Daniel N. Swisher Jr. has resigned from the company's Board of Directors as well as from the Audit Committee, effective immediately as of Monday. Swisher has not indicated any disagreements with the company's operations or policies as the reason for his departure. He will, however, continue his association with the company in an advisory capacity through a separate agreement.
Following Swisher's resignation, the board has witnessed further changes. On Wednesday, Sarah A. O'Dowd was appointed to the Audit Committee, filling the vacancy left by Swisher. Alongside this appointment, the board also decided to reduce its size from seven members to six.
These changes come as part of the internal structuring within Protagonist Therapeutics, a biopharmaceutical company headquartered in Newark, California, with a focus on developing peptide-based treatments. The company's adjustments to its board composition were disclosed in a filing with the Securities and Exchange Commission.
The company has not provided additional details regarding the reasons for the board changes or any future strategic implications. The information reported is based on the company's statement in the SEC filing.
In other recent news, Protagonist Therapeutics has seen significant developments in its operations. The company's collaboration with Takeda on the rusfertide program for polycythemia vera treatment is progressing, with the potential to bring substantial financial benefits to Protagonist.
Additionally, H.C. Wainwright and Truist Securities have both given Protagonist Therapeutics a Buy rating, indicating positive expectations from these analyst firms.
Protagonist Therapeutics has also appointed Newman Yeilding, M.D., as its Chief Scientific Advisor. His experience from Janssen Pharmaceutical Companies of Johnson & Johnson (NYSE:JNJ) is expected to guide the company's research and development efforts. Furthermore, the completion date for the company's ANTHEM-UC Phase 2b study of JNJ-2113, a treatment for ulcerative colitis, has been moved to September 2024.
Moreover, Protagonist Therapeutics has announced its entry into the obesity treatment market, with further details to be disclosed later. BTIG has increased Protagonist Therapeutics' price target from $41.00 to $51.00, maintaining a Buy rating.
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