Protagonist Therapeutics (NASDAQ:PTGX) Shares Gap Down on Insider Selling

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s stock price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $40.39, but opened at $38.27. Protagonist Therapeutics shares last traded at $35.33, with a volume of 371,785 shares traded.

Specifically, insider Arturo Md Molina sold 1,906 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $40.98, for a total transaction of $78,107.88. Following the completion of the sale, the insider now owns 46,444 shares in the company, valued at approximately $1,903,275.12. This trade represents a 3.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PTGX shares. BTIG Research raised their price objective on shares of Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JMP Securities lowered their price objective on Protagonist Therapeutics from $45.00 to $43.00 and set a “market outperform” rating on the stock in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $58.00 target price on shares of Protagonist Therapeutics in a research report on Tuesday. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $53.57.

Protagonist Therapeutics Stock Up 5.2 %

The firm has a market cap of $2.42 billion, a P/E ratio of 15.28 and a beta of 2.17. The business has a fifty day simple moving average of $45.43 and a 200-day simple moving average of $38.99.

Institutional Investors Weigh In On Protagonist Therapeutics

Several hedge funds have recently bought and sold shares of PTGX. Teachers Retirement System of The State of Kentucky bought a new position in Protagonist Therapeutics in the 3rd quarter worth about $909,000. Geode Capital Management LLC boosted its position in shares of Protagonist Therapeutics by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company’s stock worth $61,873,000 after purchasing an additional 3,528 shares during the period. Barclays PLC raised its holdings in Protagonist Therapeutics by 223.6% during the third quarter. Barclays PLC now owns 126,995 shares of the company’s stock valued at $5,714,000 after acquiring an additional 87,755 shares during the period. XTX Topco Ltd purchased a new stake in shares of Protagonist Therapeutics during the third quarter worth about $666,000. Finally, Wellington Management Group LLP purchased a new position in Protagonist Therapeutics in the 3rd quarter worth approximately $1,354,000. 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.