7,530 Shares in Protagonist Therapeutics, Inc. $PTGX Acquired by Palumbo Wealth Management LLC

Key Points

• Palumbo Wealth Management LLC acquired 7,530 shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX), valued at approximately $416,000, highlighting increased institutional interest in the company.
• Analysts have recently given Protagonist Therapeutics a consensus rating of "Buy" with a target price averaging $68.36, indicating strong future growth expectations.
• Despite missing quarterly earnings expectations, Protagonist Therapeutics reported revenue of $5.55 million, which was below the consensus estimate of $8.32 million.

Palumbo Wealth Management LLC acquired a new stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 7,530 shares of the company's stock, valued at approximately $416,000.

Several other hedge funds have also added to or reduced their stakes in PTGX. Assenagon Asset Management S.A. grew its stake in shares of Protagonist Therapeutics by 104.7% in the second quarter. Assenagon Asset Management S.A. now owns 91,875 shares of the company's stock worth $5,078,000 after acquiring an additional 47,003 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Protagonist Therapeutics by 73.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 47,391 shares of the company's stock worth $2,619,000 after purchasing an additional 19,999 shares in the last quarter. Inspire Investing LLC increased its stake in Protagonist Therapeutics by 106.9% during the 1st quarter. Inspire Investing LLC now owns 21,834 shares of the company's stock valued at $1,056,000 after purchasing an additional 11,279 shares in the last quarter. Strs Ohio purchased a new position in Protagonist Therapeutics in the first quarter worth about $919,000. Finally, Focus Partners Wealth raised its holdings in Protagonist Therapeutics by 2.2% in the first quarter. Focus Partners Wealth now owns 435,097 shares of the company's stock worth $21,041,000 after buying an additional 9,540 shares during the last quarter. 98.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PTGX shares. Leerink Partnrs upgraded shares of Protagonist Therapeutics to a "strong-buy" rating in a report on Friday, September 12th. JMP Securities increased their target price on Protagonist Therapeutics from $67.00 to $69.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Barclays assumed coverage on Protagonist Therapeutics in a report on Wednesday, September 17th. They issued an "overweight" rating and a $72.00 target price for the company. Wall Street Zen raised Protagonist Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 8th. Finally, Leerink Partners initiated coverage on Protagonist Therapeutics in a research report on Friday, September 12th. They set an "outperform" rating and a $73.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $68.36.

Protagonist Therapeutics Price Performance

NASDAQ PTGX opened at $65.95 on Thursday. The business's fifty day moving average price is $57.12 and its 200-day moving average price is $52.00. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 94.22 and a beta of 2.22. Protagonist Therapeutics, Inc. has a 1-year low of $33.31 and a 1-year high of $66.70.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to the consensus estimate of $8.32 million. Protagonist Therapeutics had a return on equity of 8.12% and a net margin of 24.88%. Equities research analysts anticipate that Protagonist Therapeutics, Inc. will post 2.43 EPS for the current year.

Insider Activity

In other news, CEO Dinesh V. Ph D. Patel sold 10,415 shares of Protagonist Therapeutics stock in a transaction on Friday, July 25th. The shares were sold at an average price of $54.78, for a total transaction of $570,533.70. Following the transaction, the chief executive officer owned 520,603 shares in the company, valued at $28,518,632.34. This trade represents a 1.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William D. Waddill sold 4,000 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $64.25, for a total transaction of $257,000.00. Following the sale, the director directly owned 5,130 shares of the company's stock, valued at approximately $329,602.50. The trade was a 43.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,859 shares of company stock valued at $3,944,577 in the last ninety days. Insiders own 4.90% of the company's stock.

Protagonist Therapeutics 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.

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