Wellington Management Group LLP Makes New Investment in Protagonist Therapeutics, Inc. (NASDAQ:PTGX)

Wellington Management Group LLP bought a new stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 30,079 shares of the company’s stock, valued at approximately $1,354,000. Wellington Management Group LLP owned approximately 0.05% of Protagonist Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Weiss Asset Management LP purchased a new stake in shares of Protagonist Therapeutics in the third quarter worth $2,811,000. State Street Corp increased its stake in Protagonist Therapeutics by 52.9% during the 3rd quarter. State Street Corp now owns 3,183,542 shares of the company’s stock valued at $143,259,000 after purchasing an additional 1,101,218 shares in the last quarter. RTW Investments LP increased its stake in Protagonist Therapeutics by 2.6% during the 3rd quarter. RTW Investments LP now owns 5,426,112 shares of the company’s stock valued at $244,175,000 after purchasing an additional 139,708 shares in the last quarter. HighVista Strategies LLC raised its holdings in Protagonist Therapeutics by 321.6% in the third quarter. HighVista Strategies LLC now owns 89,508 shares of the company’s stock worth $4,028,000 after buying an additional 68,279 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new stake in shares of Protagonist Therapeutics during the third quarter valued at approximately $2,039,000. 98.63% of the stock is owned by hedge funds and other institutional investors.

Protagonist Therapeutics Price Performance

Shares of PTGX stock opened at $39.54 on Friday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 14.86 and a beta of 2.18. The firm has a fifty day moving average price of $44.09 and a 200-day moving average price of $40.80. Protagonist Therapeutics, Inc. has a 1 year low of $20.71 and a 1 year high of $48.89.

Analyst Upgrades and Downgrades

PTGX has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $50.00 price objective on shares of Protagonist Therapeutics in a report on Tuesday, December 10th. Wedbush restated an “outperform” rating and issued a $58.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, November 19th. The Goldman Sachs Group started coverage on Protagonist Therapeutics in a report on Friday, December 6th. They issued a “neutral” rating and a $47.00 price objective for the company. Truist Financial initiated coverage on Protagonist Therapeutics in a research report on Monday, September 9th. They issued a “buy” rating and a $60.00 target price for the company. Finally, TD Cowen raised shares of Protagonist Therapeutics to a “strong-buy” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.78.

Insiders Place Their Bets

In other news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.96, for a total value of $3,687,299.20. Following the transaction, the chief executive officer now owns 435,208 shares of the company’s stock, valued at approximately $20,437,367.68. The trade was a 15.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Arturo Md Molina sold 26,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $44.70, for a total transaction of $1,162,200.00. Following the completion of the sale, the insider now owns 46,444 shares in the company, valued at approximately $2,076,046.80. The trade was a 35.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 209,863 shares of company stock worth $9,689,847 over the last quarter. 5.40% of the stock is currently owned by corporate insiders.

Protagonist Therapeutics 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.