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Prometheus Biosciences, Inc. (RXDX) engages in the discovery, development, and commercialization of novel therapeutics and companion diagnostics products for the treatment of inflammatory bowel diseases (IBD). 
Its lead product includes PRA023, a humanized IgG1 monoclonal antibody (mAb), which is in Phase IIa clinical trial for the treatment of ulcerative colitis and Crohn's disease, as well as systemic sclerosis-associated interstitial lung disease.
The company also develops PR600, an anti-tumor necrosis factor mAb for IBD; PR300, a G-protein coupled receptor modulator small molecule for IBD; PR1100, an anti-cytokine receptor mAb for IBD and other immune-mediated diseases; PR1800, an anti-chemokine mAb for IBD; and PR2100, an anti-inflammatory cytokine mAb for IBD.
Shares have formed a bullish "flag" following publication of its recent study. See our blog regarding the company. The results on the key endpoints were as follows: 26.0% of patients on PRA023 achieved endoscopic response; 49.1% of patients on PRA023 achieved clinical remission; PRA023 was well tolerated in the APOLLO-CD study. Based on the totality of the data in these two studies, Prometheus intends to advance PRA023 into Phase 3 studies for ulcerative colitis and Crohn’s disease in 2023.
Higher share prices are expected.
Entry Point: $108.50
Stop Loss: $103.00
Trading Range: $21.50 - $117.73
Target Price: $119.50
