Protagonist Therapeutics (NASDAQ:PTGX) Earns “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a report released on Tuesday,Benzinga reports. HC Wainwright currently has a $50.00 price target on the stock.

Several other brokerages also recently weighed in on PTGX. BMO Capital Markets began coverage on Protagonist Therapeutics in a report on Friday, December 6th. They issued an “outperform” rating and a $62.00 price target for the company. The Goldman Sachs Group began coverage on Protagonist Therapeutics in a report on Friday, December 6th. They set a “neutral” rating and a $47.00 target price for the company. Truist Financial began coverage on Protagonist Therapeutics in a report on Monday, September 9th. They set a “buy” rating and a $60.00 target price for the company. TD Cowen raised Protagonist Therapeutics to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and set a $58.00 target price on shares of Protagonist Therapeutics in a report on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.78.

Protagonist Therapeutics Stock Performance

Shares of NASDAQ PTGX opened at $40.38 on Tuesday. The company has a market cap of $2.41 billion, a PE ratio of 15.18 and a beta of 2.18. The business has a 50-day simple moving average of $44.46 and a two-hundred day simple moving average of $40.40. Protagonist Therapeutics has a fifty-two week low of $19.16 and a fifty-two week high of $48.89.

Insider Activity at Protagonist Therapeutics

In related news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of Protagonist Therapeutics stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.96, for a total transaction of $3,687,299.20. Following the completion of the transaction, the chief executive officer now directly owns 435,208 shares in the company, valued at approximately $20,437,367.68. This trade 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 this hyperlink. Also, insider Arturo Md Molina sold 1,906 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $40.98, for a total value of $78,107.88. Following the completion of the sale, the insider now owns 46,444 shares of the company’s stock, valued at $1,903,275.12. This trade represents a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 209,863 shares of company stock worth $9,689,847. 5.40% of the stock is owned by corporate insiders.

Institutional Trading of Protagonist Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in PTGX. Pacer Advisors Inc. increased its position in shares of Protagonist Therapeutics by 405,061.2% in the third quarter. Pacer Advisors Inc. now owns 1,734,090 shares of the company’s stock valued at $78,034,000 after buying an additional 1,733,662 shares in the last quarter. State Street Corp increased its position in shares of Protagonist Therapeutics by 52.9% during the third quarter. State Street Corp now owns 3,183,542 shares of the company’s stock worth $143,259,000 after purchasing an additional 1,101,218 shares in the last quarter. 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. 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. Finally, 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. 98.63% of the stock is currently owned by hedge funds and other institutional investors.

About Protagonist Therapeutics

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.