Protagonist Therapeutics (NASDAQ:PTGX) Coverage Initiated at Truist Financial

Analysts at Truist Financial began coverage on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. Truist Financial’s target price points to a potential upside of 33.57% from the stock’s previous close.

Several other research firms have also commented on PTGX. StockNews.com upgraded Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. HC Wainwright lifted their target price on Protagonist Therapeutics from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. BTIG Research lifted their target price on Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, JMP Securities decreased their target price on Protagonist Therapeutics from $45.00 to $43.00 and set a “market outperform” rating for the company in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Protagonist Therapeutics has a consensus rating of “Buy” and a consensus target price of $45.67.

Protagonist Therapeutics Stock Performance

NASDAQ:PTGX opened at $44.92 on Monday. Protagonist Therapeutics has a one year low of $13.72 and a one year high of $45.07. The stock has a market cap of $2.65 billion, a PE ratio of 18.41 and a beta of 2.17. The stock has a 50 day moving average price of $39.07 and a 200 day moving average price of $32.89.

Protagonist Therapeutics (NASDAQ:PTGX) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). The business had revenue of $4.17 million during the quarter, compared to analysts’ expectations of $40.00 million. As a group, analysts predict that Protagonist Therapeutics will post 2.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Protagonist Therapeutics

In other Protagonist Therapeutics news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $40.00, for a total value of $320,000.00. Following the sale, the director now directly owns 12,000 shares in the company, valued at $480,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.40% of the stock is owned by insiders.

Institutional Trading of Protagonist Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of PTGX. Millennium Management LLC increased its position in shares of Protagonist Therapeutics by 2,135.6% during the second quarter. Millennium Management LLC now owns 958,283 shares of the company’s stock worth $33,205,000 after purchasing an additional 915,418 shares in the last quarter. Superstring Capital Management LP acquired a new stake in shares of Protagonist Therapeutics during the fourth quarter worth about $8,694,000. Perceptive Advisors LLC increased its position in shares of Protagonist Therapeutics by 27.6% during the second quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company’s stock worth $43,962,000 after purchasing an additional 274,412 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Protagonist Therapeutics by 813.4% during the second quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock worth $10,307,000 after purchasing an additional 264,900 shares in the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Protagonist Therapeutics during the fourth quarter worth about $4,606,000. 98.63% of the stock is currently owned by institutional investors and hedge funds.

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.