Protagonist Therapeutics (NASDAQ:PTGX) Reaches New 1-Year High – Here’s Why

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $49.00 and last traded at $49.00, with a volume of 413 shares. The stock had previously closed at $47.61.

Analyst Upgrades and Downgrades

Several brokerages have commented on PTGX. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Protagonist Therapeutics in a research report on Monday. HC Wainwright lifted their target price on Protagonist Therapeutics from $40.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. lifted their price target on shares of Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, TD Cowen raised Protagonist Therapeutics to a “strong-buy” rating in a report on Wednesday, September 25th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Protagonist Therapeutics presently has an average rating of “Buy” and an average price target of $53.57.

Protagonist Therapeutics Price Performance

The company has a market cap of $2.69 billion, a PE ratio of 18.17 and a beta of 2.17. The firm has a 50-day simple moving average of $45.47 and a two-hundred day simple moving average of $37.88.

Protagonist Therapeutics (NASDAQ:PTGX) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.50). The business had revenue of $4.17 million for the quarter, compared to analysts’ expectations of $40.00 million. Equities research analysts forecast that Protagonist Therapeutics, Inc. will post 2.46 EPS for the current year.

Insider Activity at Protagonist Therapeutics

In other Protagonist Therapeutics news, Director William D. Waddill sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at approximately $540,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at approximately $540,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Asif Ali sold 14,203 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $44.49, for a total transaction of $631,891.47. Following the sale, the chief financial officer now directly owns 34,960 shares in the company, valued at approximately $1,555,370.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Protagonist Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Quest Partners LLC grew its position in Protagonist Therapeutics by 885.1% during the third quarter. Quest Partners LLC now owns 23,947 shares of the company’s stock valued at $1,078,000 after purchasing an additional 21,516 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in Protagonist Therapeutics in the third quarter valued at approximately $2,082,000. Mutual of America Capital Management LLC bought a new position in shares of Protagonist Therapeutics during the 3rd quarter valued at $399,000. Victory Capital Management Inc. lifted its stake in shares of Protagonist Therapeutics by 1,729.3% in the 3rd quarter. Victory Capital Management Inc. now owns 130,797 shares of the company’s stock valued at $5,886,000 after purchasing an additional 123,647 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in Protagonist Therapeutics in the third quarter worth $312,000. 98.63% of the stock is owned by hedge funds and other institutional investors.

About Protagonist Therapeutics

Protagonist Therapeutics, Inc, a biopharmaceutical company, develops peptide-based drugs for hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing Rusfertide (PTG-300), an injectable hepcidin mimetic that completed phase 2 clinical trials for the treatment of polycythemia vera and other blood disorders; and JNJ-2113, an orally delivered investigational drug to block biological pathways that completed phase 2b clinical trials for the treatment of moderate-to-severe plaque psoriasis; and PN-943, an orally delivered, gut-restricted alpha 4 beta 7 specific integrin antagonist completed a phase 2 clinical trials in patients with moderate to severe ulcerative colitis.