Bank of America Corp DE Has $136.54 Million Stock Position in Protagonist Therapeutics, Inc. $PTGX

Key Points

• Bank of America increased its Protagonist Therapeutics stake by 49.3% in the first quarter, holding 1.30 million shares valued at approximately $136.5 million. Institutional investors and hedge funds collectively own 98.63% of PTGX.
• Protagonist reported quarterly earnings of $2.29 per share, beating estimates by $0.02, while revenue reached $213.47 million—up 3,746.8% year over year. The stock opened at $146.18, near its 12-month high of $148.00.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $126.71, although insiders sold 102,000 shares worth $10.4 million over the past 90 days.

Bank of America Corp DE lifted its holdings in Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 49.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,295,434 shares of the company's stock after acquiring an additional 427,854 shares during the period. Bank of America Corp DE owned approximately 2.01% of Protagonist Therapeutics worth $136,539,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTGX. Farther Finance Advisors LLC grew its holdings in shares of Protagonist Therapeutics by 110.6% during the fourth quarter. Farther Finance Advisors LLC now owns 297 shares of the company's stock valued at $26,000 after buying an additional 156 shares during the last quarter. Greenline Wealth Management LLC bought a new stake in shares of Protagonist Therapeutics during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC raised its holdings in shares of Protagonist Therapeutics by 63.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 911 shares of the company's stock worth $96,000 after acquiring an additional 352 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Protagonist Therapeutics by 222.4% in the 4th quarter. Hantz Financial Services Inc. now owns 951 shares of the company's stock worth $83,000 after acquiring an additional 656 shares during the last quarter. Finally, Canton Hathaway LLC bought a new position in Protagonist Therapeutics in the 4th quarter valued at about $87,000. 98.63% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director William D. Waddill sold 9,000 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $117.94, for a total value of $1,061,460.00. Following the sale, the director directly owned 7,825 shares of the company's stock, valued at $922,880.50. The trade was a 53.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Dinesh V. Ph D. Patel sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $100.12, for a total transaction of $7,509,000.00. Following the completion of the transaction, the chief executive officer owned 523,478 shares in the company, valued at approximately $52,410,617.36. This represents a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 102,000 shares of company stock worth $10,436,340. Company insiders own 5.19% of the company's stock.

Protagonist Therapeutics Trading Up 6.5%

PTGX opened at $146.18 on Friday. The stock has a 50-day moving average price of $123.38 and a 200-day moving average price of $104.93. Protagonist Therapeutics, Inc. has a 12-month low of $50.49 and a 12-month high of $148.00. The stock has a market capitalization of $9.40 billion, a P/E ratio of 141.92 and a beta of 1.78.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.27 by $0.02. Protagonist Therapeutics had a net margin of 29.40% and a return on equity of 12.98%. The company had revenue of $213.47 million for the quarter, compared to the consensus estimate of $210.91 million. Protagonist Therapeutics's revenue was up 3746.8% on a year-over-year basis. On average, equities research analysts predict that Protagonist Therapeutics, Inc. will post 3.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Protagonist Therapeutics in a report on Friday, May 15th. TD Cowen restated a "buy" rating on shares of Protagonist Therapeutics in a report on Wednesday, July 1st. Wolfe Research started coverage on shares of Protagonist Therapeutics in a research note on Thursday, May 21st. They issued an "outperform" rating and a $135.00 price objective for the company. Truist Financial lifted their target price on shares of Protagonist Therapeutics from $121.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Johnson Rice set a $165.00 target price on Protagonist Therapeutics in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $126.71.

Protagonist Therapeutics Company Profile

Protagonist Therapeutics, Inc NASDAQ: PTGX is a clinical-stage biopharmaceutical company focused on the development of novel, orally administered peptide-based therapies for immune-mediated and other serious diseases. The company leverages its proprietary Peptide 2.0 platform to design peptides that target G protein–coupled receptors and cytokine receptors, with the goal of combining the potency of biologics with the convenience of oral administration. Protagonist's approach aims to address unmet medical needs in areas where injectable therapies have been the standard of care.

Among its lead programs is PTG-100, an oral α4β7 integrin antagonist intended to block leukocyte migration to the gut in ulcerative colitis and Crohn's disease.

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