Protagonist Therapeutics (NASDAQ:PTGX) Reaches New 52-Week High Following Analyst Upgrade

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s share price hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $60.00 to $76.00. Truist Financial currently has a buy rating on the stock. Protagonist Therapeutics traded as high as $58.57 and last traded at $58.04, with a volume of 1288513 shares trading hands. The stock had previously closed at $55.95.

PTGX has been the subject of a number of other research reports. JPMorgan Chase & Co. increased their price target on shares of Protagonist Therapeutics from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. Wedbush restated an “outperform” rating and set a $58.00 price target on shares of Protagonist Therapeutics in a report on Friday, February 21st. JMP Securities reaffirmed a “market outperform” rating and set a $58.00 price objective on shares of Protagonist Therapeutics in a research note on Friday, February 7th. The Goldman Sachs Group lowered their target price on shares of Protagonist Therapeutics from $43.00 to $38.00 and set a “neutral” rating for the company in a report on Monday, February 24th. Finally, BMO Capital Markets increased their price objective on shares of Protagonist Therapeutics from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.22.

Insider Transactions at Protagonist Therapeutics

In related news, CEO Dinesh V. Ph D. Patel sold 5,359 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $38.18, for a total value of $204,606.62. Following the completion of the sale, the chief executive officer now directly owns 540,260 shares of the company’s stock, valued at $20,627,126.80. This represents a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Protagonist Therapeutics

Several large investors have recently modified their holdings of the business. Farallon Capital Management LLC boosted its stake in shares of Protagonist Therapeutics by 1.2% during the fourth quarter. Farallon Capital Management LLC now owns 5,930,006 shares of the company’s stock valued at $228,898,000 after purchasing an additional 69,000 shares in the last quarter. RTW Investments LP boosted its position in Protagonist Therapeutics by 1.3% during the 4th quarter. RTW Investments LP now owns 5,498,545 shares of the company’s stock valued at $212,244,000 after acquiring an additional 72,433 shares in the last quarter. State Street Corp increased its holdings in shares of Protagonist Therapeutics by 52.9% in the 3rd quarter. State Street Corp now owns 3,183,542 shares of the company’s stock valued at $143,259,000 after acquiring an additional 1,101,218 shares during the period. BVF Inc. IL raised its position in shares of Protagonist Therapeutics by 2.7% in the 4th quarter. BVF Inc. IL now owns 1,900,015 shares of the company’s stock worth $73,341,000 after acquiring an additional 49,848 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Protagonist Therapeutics by 8.2% during the 4th quarter. Pacer Advisors Inc. now owns 1,876,466 shares of the company’s stock worth $72,432,000 after purchasing an additional 142,376 shares during the last quarter. Institutional investors own 98.63% of the company’s stock.

Protagonist Therapeutics Price Performance

The business has a 50-day moving average of $38.20 and a two-hundred day moving average of $41.82. The company has a market cap of $3.56 billion, a P/E ratio of 21.83 and a beta of 2.34.

Protagonist Therapeutics (NASDAQ:PTGX) last released its quarterly earnings results on Friday, February 21st. The company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $2.07. The business had revenue of $170.64 million for the quarter, compared to analysts’ expectations of $56.65 million. Protagonist Therapeutics had a net margin of 52.76% and a return on equity of 34.68%. Equities analysts anticipate that Protagonist Therapeutics, Inc. will post 2.43 EPS for the current fiscal year.

Protagonist Therapeutics Company Profile

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.