Protagonist Therapeutics (PTGX) could have attractive commercial potential for Mimrylo following the US Food and Drug Administration's approval for treating polycythemia vera, a rare blood cancer, Truist Securities said in a note Monday.

Mimrylo label's lack of a black-box warning, fatigue improvement and self-administration could support patient adoption, Truist said.

The brokerage also expects payer approval given Mimrylo's potential to reduce the recurring burden of phlebotomies, while noting the treatment can be added to patients' existing PV therapy.

Truist also expects Mimrylo to have three to four years of "uncontested commercialization."

Truist maintained a buy rating with a $170 price target.

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