Protagonist Therapeutics (NASDAQ:PTGX) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a research note published on Friday,Benzinga reports. They currently have a $70.00 price target on the stock.

A number of other research firms have also weighed in on PTGX. JPMorgan Chase & Co. upped their price objective on shares of Protagonist Therapeutics from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 4th. BTIG Research set a $73.00 price objective on shares of Protagonist Therapeutics in a research note on Monday, March 3rd. JMP Securities reissued a “market outperform” rating and issued a $58.00 price objective on shares of Protagonist Therapeutics in a research note on Friday, February 7th. The Goldman Sachs Group dropped their target price on Protagonist Therapeutics from $43.00 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, February 24th. Finally, Truist Financial boosted their price target on Protagonist Therapeutics from $60.00 to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Protagonist Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.56.

Protagonist Therapeutics Stock Performance

Protagonist Therapeutics stock opened at $48.88 on Friday. The company has a market capitalization of $3.00 billion, a PE ratio of 18.38 and a beta of 2.34. The company has a 50 day moving average price of $42.54 and a 200-day moving average price of $42.87. Protagonist Therapeutics has a fifty-two week low of $24.22 and a fifty-two week high of $60.60.

Protagonist Therapeutics (NASDAQ:PTGX) last issued its earnings results on Friday, February 21st. The company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $2.07. Protagonist Therapeutics had a return on equity of 34.68% and a net margin of 52.76%. The business had revenue of $170.64 million during the quarter, compared to analyst estimates of $56.65 million. On average, analysts forecast that Protagonist Therapeutics will post 2.43 earnings per share for the current year.

Insider Activity

In other Protagonist Therapeutics news, CEO Dinesh V. Ph D. Patel sold 5,359 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $38.18, for a total transaction of $204,606.62. Following the transaction, the chief executive officer now owns 540,260 shares in the company, valued at approximately $20,627,126.80. This represents a 0.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William D. Waddill sold 4,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $54.25, for a total transaction of $217,000.00. Following the completion of the transaction, the director now directly owns 13,130 shares of the company’s stock, valued at approximately $712,302.50. This represents a 23.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,776 shares of company stock worth $3,585,010. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Protagonist Therapeutics

Several hedge funds have recently made changes to their positions in the company. Farallon Capital Management LLC lifted its position in Protagonist Therapeutics by 1.2% during the 4th quarter. Farallon Capital Management LLC now owns 5,930,006 shares of the company’s stock worth $228,898,000 after acquiring an additional 69,000 shares during the period. RTW Investments LP lifted its holdings in shares of Protagonist Therapeutics by 1.3% during the fourth quarter. RTW Investments LP now owns 5,498,545 shares of the company’s stock worth $212,244,000 after purchasing an additional 72,433 shares during the period. State Street Corp boosted its position in Protagonist Therapeutics by 52.9% in the third quarter. State Street Corp now owns 3,183,542 shares of the company’s stock valued at $143,259,000 after buying an additional 1,101,218 shares during the last quarter. BVF Inc. IL increased its holdings in Protagonist Therapeutics by 2.7% in the 4th quarter. BVF Inc. IL now owns 1,900,015 shares of the company’s stock worth $73,341,000 after buying an additional 49,848 shares during the period. Finally, Pacer Advisors Inc. raised its position in Protagonist Therapeutics by 8.2% during the 4th quarter. Pacer Advisors Inc. now owns 1,876,466 shares of the company’s stock worth $72,432,000 after buying an additional 142,376 shares during the last quarter. 98.63% of the stock is 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.