Wedbush Reiterates “Outperform” Rating for Protagonist Therapeutics (NASDAQ:PTGX)

Wedbush restated their outperform rating on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a research report sent to investors on Monday, Marketbeat.com reports. They currently have a $58.00 price target on the stock.

Several other equities research analysts also recently issued reports on the stock. TD Cowen upgraded shares of Protagonist Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 25th. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price objective on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. HC Wainwright lifted their target price on Protagonist Therapeutics from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. Finally, BTIG Research upped their price target on shares of Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $53.57.

Protagonist Therapeutics Stock Performance

PTGX opened at $46.76 on Monday. The stock’s fifty day simple moving average is $45.19 and its 200 day simple moving average is $37.60. Protagonist Therapeutics has a 1-year low of $14.78 and a 1-year high of $48.89. The stock has a market cap of $2.75 billion, a PE ratio of 17.85 and a beta of 2.17.

Protagonist Therapeutics (NASDAQ:PTGX) last posted its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.50). The company had revenue of $4.17 million for the quarter, compared to analyst estimates of $40.00 million. Equities analysts forecast that Protagonist Therapeutics will post 2.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director William D. Waddill sold 8,000 shares of the business’s stock in a transaction that occurred 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 directly owns 12,000 shares in the company, valued at approximately $540,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Protagonist Therapeutics news, CFO Asif Ali sold 14,203 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $44.49, for a total transaction of $631,891.47. Following the completion of the sale, the chief financial officer now directly owns 34,960 shares in the company, valued at $1,555,370.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Waddill sold 8,000 shares of the firm’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 sale, the director now directly owns 12,000 shares in the company, valued at approximately $540,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.

Institutional Trading of Protagonist Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PTGX. Farallon Capital Management LLC grew its position in Protagonist Therapeutics by 1.8% in the second 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 last quarter. Vanguard Group Inc. grew its holdings in shares of Protagonist Therapeutics by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 3,192,971 shares of the company’s stock valued at $92,373,000 after purchasing an additional 39,055 shares during the last quarter. Perceptive Advisors LLC grew its holdings in shares of Protagonist Therapeutics by 27.6% during the 2nd quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company’s stock valued at $43,962,000 after purchasing an additional 274,412 shares during the last quarter. Millennium Management LLC increased its position in Protagonist Therapeutics by 2,135.6% during the 2nd 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. Finally, Renaissance Technologies LLC lifted its stake in Protagonist Therapeutics by 813.4% in the 2nd quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock valued at $10,307,000 after purchasing an additional 264,900 shares during the last quarter. 98.63% of the stock is currently owned by 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.