Protagonist Therapeutics (NASDAQ:PTGX) Earns Outperform Rating from Analysts at BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a report published on Friday, MarketBeat reports. The firm issued an outperform rating and a $62.00 price target on the stock.

Several other research firms also recently issued reports on PTGX. Wedbush reaffirmed an “outperform” rating and issued a $58.00 price objective on shares of Protagonist Therapeutics in a research note on Tuesday, November 19th. TD Cowen raised shares of Protagonist Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 25th. StockNews.com raised shares of Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. Finally, Truist Financial initiated coverage on Protagonist Therapeutics in a report on Monday, September 9th. They set a “buy” rating and a $60.00 target price on the stock. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $53.78.

Protagonist Therapeutics Stock Up 0.9 %

Shares of PTGX opened at $42.06 on Friday. The stock has a market cap of $2.51 billion, a PE ratio of 15.81 and a beta of 2.18. Protagonist Therapeutics has a 12-month low of $19.00 and a 12-month high of $48.89. The business has a 50-day simple moving average of $44.76 and a two-hundred day simple moving average of $40.25.

Insider Activity

In related news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.96, for a total transaction of $3,687,299.20. Following the transaction, the chief executive officer now directly owns 435,208 shares of the company’s stock, valued at $20,437,367.68. This represents a 15.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William D. Waddill sold 8,000 shares of Protagonist Therapeutics stock in a transaction on 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 sale, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $540,000. This trade represents a 40.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,066 shares of company stock valued at $10,681,738 in the last ninety days. 5.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System bought a new position in shares of Protagonist Therapeutics in the 3rd quarter worth $1,107,000. Seven Eight Capital LP lifted its stake in shares of Protagonist Therapeutics by 426.9% in the second quarter. Seven Eight Capital LP now owns 36,793 shares of the company’s stock valued at $1,275,000 after buying an additional 29,810 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Protagonist Therapeutics by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 204,299 shares of the company’s stock valued at $7,079,000 after buying an additional 17,065 shares during the last quarter. Swedbank AB acquired a new position in shares of Protagonist Therapeutics during the third quarter valued at about $2,250,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Protagonist Therapeutics by 7.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 565,503 shares of the company’s stock worth $25,448,000 after acquiring an additional 39,850 shares in the last quarter. Institutional investors 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.