‘Stocks Are Looking Increasingly Cheap,’ Says J.P. Morgan; Here Are 2 Names to Consider

The stock market is often a game in reverse psychology. That is, when the mood gets too euphoric, it’s often a sign it is time to sell. Likewise, when sentiment hits the skids, that could be the ultimate signal the time is right to load up the truck. And on that subject, J.P. Morgan’s Marko Kolanovic thinks we are at – or at least near – the bottom.

The firm’s global market strategist believes the Fed’s hawkish stance has left stocks “very oversold,” and while inflation remains persistently high, it is close to peaking.

“Meanwhile,” Kolanovic went on to add, “some pre-conditions for a market bottom are falling into place.” What are these? Well, stocks are looking “increasingly cheap,” while positioning is “extremely depressed.”

With this in mind, Kolanovic’s analyst colleagues at the banking giant have pinpointed two names which they think are going for cheap right now – they see both posting some healthy gains over the coming year. We ran the tickers through the TipRanks platform to see what the rest of the Street has in mind for them. Let’s check the results.

Protagonist Therapeutics (PTGX)

One area of the biotech sector that is expanding quickly is that of peptide technology, which focuses on the components of proteins as a means of treating disease. Utilizing its own proprietary platform, Protagonist Therapeutics creates innovative peptide-based drugs to address unmet medical needs.

The company’s pipeline boasts two separate research paths, one focused on hematology and blood disorders and one for the treatment of inflammatory and immunomodulatory diseases.

The latter arm features PN-943, for which the company announced top-line data from a Phase 2 study in ulcerative colitis back in April. The company is now planning the Phase 3 study. There’s also PN-235, an IL-23R antagonist which Protagonist discovered and is being developed in partnership with Janssen, with 4 clinical studies currently taking place, including two Phase 2 studies in moderate-to-severe plaque psoriasis.

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