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

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s share price gapped down prior to trading 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 stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $40.98, for a total value of $78,107.88. Following the completion of the transaction, the insider now directly owns 46,444 shares of the company’s stock, valued at $1,903,275.12. This represents a 3.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PTGX. BTIG Research lifted their price target on Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Truist Financial began coverage on shares of Protagonist Therapeutics in a research note on Monday, September 9th. They issued a “buy” rating and a $60.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $50.00 target price on shares of Protagonist Therapeutics in a research note on Tuesday. StockNews.com upgraded shares of Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, TD Cowen raised shares of Protagonist Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 25th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $53.57.

Protagonist Therapeutics Stock Performance

The company has a 50-day moving average of $45.43 and a 200-day moving average of $38.99. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 15.28 and a beta of 2.17.

Institutional Trading of Protagonist Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in shares of Protagonist Therapeutics by 749.2% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the company’s stock worth $25,000 after acquiring an additional 487 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Protagonist Therapeutics in the first quarter worth about $35,000. Exchange Traded Concepts LLC acquired a new position in Protagonist Therapeutics during the 3rd quarter worth approximately $43,000. CWM LLC increased its holdings in shares of Protagonist Therapeutics by 910.3% during the third quarter. CWM LLC now owns 1,273 shares of the company’s stock worth $57,000 after buying an additional 1,147 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Protagonist Therapeutics in the 1st quarter worth about $69,000. 98.63% of the stock is currently owned by institutional investors and hedge funds.

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.