Protagonist Therapeutics (NASDAQ:PTGX) Reaches New 52-Week High – Here’s What Happened

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $132.79 and last traded at $130.4810, with a volume of 22646 shares. The stock had previously closed at $131.62.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Protagonist Therapeutics in a research report on Friday, May 15th. Wolfe Research began coverage on shares of Protagonist Therapeutics in a research report on Thursday, May 21st. They issued an “outperform” rating and a $135.00 price target on the stock. Truist Financial upped their price objective on shares of Protagonist Therapeutics from $121.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays increased their price objective on shares of Protagonist Therapeutics from $113.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, March 19th. Finally, Citizens Jmp lifted their target price on shares of Protagonist Therapeutics from $120.00 to $137.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $116.93.

Protagonist Therapeutics Price Performance

The stock has a fifty day simple moving average of $107.91 and a two-hundred day simple moving average of $97.06. The firm has a market capitalization of $9.06 billion, a P/E ratio of -77.82 and a beta of 1.79.

Protagonist Therapeutics (NASDAQ:PTGX) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.55. The firm had revenue of $56.37 million for the quarter, compared to analysts’ expectations of $11.70 million. Protagonist Therapeutics had a negative return on equity of 17.76% and a negative net margin of 154.88%. As a group, sell-side analysts expect that Protagonist Therapeutics, Inc. will post 2.93 EPS for the current fiscal year.

Insider Activity at Protagonist Therapeutics

In other news, Director William D. Waddill sold 9,000 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $117.94, for a total transaction of $1,061,460.00. Following the transaction, the director owned 7,825 shares in the company, valued at approximately $922,880.50. This represents a 53.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Dinesh V. Ph D. Patel sold 75,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $100.12, for a total transaction of $7,509,000.00. Following the transaction, the chief executive officer directly owned 523,478 shares in the company, valued at $52,410,617.36. This trade represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 162,880 shares of company stock valued at $16,539,792 in the last ninety days. Insiders own 5.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PTGX. NEXTBio Capital Management LP bought a new position in shares of Protagonist Therapeutics in the 4th quarter worth $20,055,000. Jennison Associates LLC bought a new stake in Protagonist Therapeutics during the 4th quarter valued at $28,924,000. Farallon Capital Management LLC increased its stake in Protagonist Therapeutics by 0.4% during the 3rd quarter. Farallon Capital Management LLC now owns 6,196,006 shares of the company’s stock valued at $411,601,000 after purchasing an additional 24,000 shares in the last quarter. Clearbridge Investments LLC acquired a new position in Protagonist Therapeutics during the fourth quarter worth $42,783,000. Finally, Eagle Health Investments LP acquired a new position in Protagonist Therapeutics during the fourth quarter worth $5,005,000. 98.63% of the stock is owned by institutional investors and hedge funds.

Protagonist Therapeutics Company Profile

Protagonist Therapeutics, Inc (NASDAQ: PTGX) is a clinical-stage biopharmaceutical company focused on the development of novel, orally administered peptide-based therapies for immune-mediated and other serious diseases. The company leverages its proprietary Peptide 2.0 platform to design peptides that target G protein–coupled receptors and cytokine receptors, with the goal of combining the potency of biologics with the convenience of oral administration. Protagonist’s approach aims to address unmet medical needs in areas where injectable therapies have been the standard of care.

Among its lead programs is PTG-100, an oral α4β7 integrin antagonist intended to block leukocyte migration to the gut in ulcerative colitis and Crohn’s disease.