Adage Capital Partners GP L.L.C. Invests $16.61 Million in Protagonist Therapeutics, Inc. $PTGX

Key Points

• Adage Capital Partners invested approximately $16.61 million in Protagonist Therapeutics, acquiring 343,504 shares in the first quarter, which represents about 0.55% of the company.
• Insider transactions include CEO Dinesh V. Ph D. Patel selling 22,065 shares for $1.21 million, reducing his stake by 3.87%, alongside other directors also selling shares recently.
• Protagonist Therapeutics' stock is currently trading at $60.53 with a market cap of $3.77 billion, having a history of 12-month highs and lows between $33.31 and $61.89.

Adage Capital Partners GP L.L.C. acquired a new position in Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 343,504 shares of the company's stock, valued at approximately $16,612,000. Adage Capital Partners GP L.L.C. owned 0.55% of Protagonist Therapeutics as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. increased its holdings in shares of Protagonist Therapeutics by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 1,526 shares of the company's stock worth $74,000 after acquiring an additional 275 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Protagonist Therapeutics by 4.1% in the 1st quarter. Hsbc Holdings PLC now owns 8,458 shares of the company's stock valued at $405,000 after purchasing an additional 330 shares during the period. Covestor Ltd grew its position in shares of Protagonist Therapeutics by 27.0% in the 1st quarter. Covestor Ltd now owns 2,087 shares of the company's stock valued at $101,000 after purchasing an additional 444 shares during the period. AlphaQuest LLC increased its stake in Protagonist Therapeutics by 24.2% during the 1st quarter. AlphaQuest LLC now owns 2,704 shares of the company's stock worth $131,000 after purchasing an additional 527 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Protagonist Therapeutics by 38.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,992 shares of the company's stock worth $96,000 after buying an additional 551 shares during the period. 98.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PTGX. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Protagonist Therapeutics in a report on Tuesday, June 3rd. Wall Street Zen raised shares of Protagonist Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 8th. Citigroup reaffirmed an "outperform" rating on shares of Protagonist Therapeutics in a research note on Thursday, August 7th. Finally, JMP Securities increased their target price on Protagonist Therapeutics from $67.00 to $69.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $67.20.

Insider Activity

In related news, Director William D. Waddill sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $59.25, for a total transaction of $237,000.00. Following the completion of the transaction, the director directly owned 9,130 shares of the company's stock, valued at approximately $540,952.50. This represents a 30.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 10,415 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $54.78, for a total value of $570,533.70. Following the completion of the transaction, the chief executive officer owned 520,603 shares of the company's stock, valued at approximately $28,518,632.34. This represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,859 shares of company stock worth $3,687,577 in the last quarter. 4.90% of the stock is currently owned by corporate insiders.

Protagonist Therapeutics Stock Up 3.4%

PTGX traded up $1.94 during trading hours on Thursday, hitting $59.68. 939,398 shares of the company's stock were exchanged, compared to its average volume of 854,298. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 85.26 and a beta of 2.22. Protagonist Therapeutics, Inc. has a 1-year low of $33.31 and a 1-year high of $61.89. The stock's 50-day moving average is $55.55 and its two-hundred day moving average is $50.51.

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

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.