Protagonist Therapeutics (NASDAQ:PTGX) Upgraded by TD Cowen to Strong-Buy

TD Cowen upgraded shares of Protagonist Therapeutics (NASDAQ:PTGX) to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other brokerages also recently weighed in on PTGX. Truist Financial initiated coverage on shares of Protagonist Therapeutics in a research note on Monday, September 9th. They set a buy rating and a $60.00 target price on the stock. JMP Securities reduced their price objective on Protagonist Therapeutics from $45.00 to $43.00 and set a market outperform rating on the stock in a research note 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. StockNews.com upgraded Protagonist Therapeutics from a hold rating to a buy rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. increased their price target on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an overweight rating in a research report on Thursday, July 25th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Buy and an average target price of $49.86.

Protagonist Therapeutics Trading Down 0.9 %

Shares of NASDAQ PTGX opened at $46.14 on Wednesday. The stock has a market capitalization of $2.72 billion, a PE ratio of 18.91 and a beta of 2.17. Protagonist Therapeutics has a twelve month low of $13.72 and a twelve month high of $48.00. The stock has a fifty day simple moving average of $41.40 and a 200-day simple moving average of $34.05.

Protagonist Therapeutics (NASDAQ:PTGX) last released its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, meeting the consensus estimate of ($0.50). The firm had revenue of $4.17 million during the quarter, compared to analyst estimates of $40.00 million. On average, equities analysts predict that Protagonist Therapeutics will post 2.31 earnings per share for the current year.

Insider Activity at Protagonist Therapeutics

In other news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director now owns 12,000 shares of the company’s stock, valued at approximately $540,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director William D. Waddill sold 8,000 shares of the company’s stock in a transaction on 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. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Asif Ali sold 14,203 shares of the 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 completion of the transaction, the chief financial officer now directly owns 34,960 shares in the company, valued at $1,555,370.40. The disclosure for this sale can be found here. Insiders have sold 30,203 shares of company stock valued at $1,311,891 over the last quarter. 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 made changes to their positions in the company. Farallon Capital Management LLC increased its holdings in shares of Protagonist Therapeutics by 1.8% in the 2nd quarter. Farallon Capital Management LLC now owns 5,840,773 shares of the company’s stock valued at $202,383,000 after acquiring an additional 101,800 shares during the period. Vanguard Group Inc. grew its position in Protagonist Therapeutics by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 3,192,971 shares of the company’s stock worth $92,373,000 after purchasing an additional 39,055 shares during the last quarter. Kynam Capital Management LP increased its stake in Protagonist Therapeutics by 10.2% in the fourth quarter. Kynam Capital Management LP now owns 2,004,875 shares of the company’s stock valued at $45,972,000 after purchasing an additional 186,218 shares during the period. Perceptive Advisors LLC raised its holdings in shares of Protagonist Therapeutics by 27.6% in the second quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company’s stock valued at $43,962,000 after buying an additional 274,412 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Protagonist Therapeutics by 2,135.6% in the second quarter. Millennium Management LLC now owns 958,283 shares of the company’s stock valued at $33,205,000 after buying an additional 915,418 shares during the last quarter. Institutional investors and hedge funds own 98.63% of the company’s stock.

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.