Elmind Capital LP Invests $4.66 Billion in Protagonist Therapeutics, Inc. $PTGX

Key Points

• Elmind Capital purchased 38,000 shares of Protagonist Therapeutics in the second quarter, reported at approximately $4.66 billion, representing 1.2% of its portfolio and about 0.06% of PTGX.
• Institutional ownership remains very high at 98.63%, while insiders sold 127,000 shares worth $17.8 million over the past 90 days under pre-arranged trading plans.
• Protagonist beat quarterly earnings and revenue expectations, and analysts raised price targets to as high as $186; the stock opened at $150.59, near its 52-week high of $160.81.

Elmind Capital LP purchased a new stake in Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 38,000 shares of the company's stock, valued at approximately $4,658,040,000. Protagonist Therapeutics accounts for about 1.2% of Elmind Capital LP's investment portfolio, making the stock its 21st largest holding. Elmind Capital LP owned approximately 0.06% of Protagonist Therapeutics at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new stake in Protagonist Therapeutics during the 2nd quarter valued at $1,263,535,000. Vanguard Group Inc. grew its position in shares of Protagonist Therapeutics by 27.2% in the fourth quarter. Vanguard Group Inc. now owns 5,413,690 shares of the company's stock valued at $472,832,000 after purchasing an additional 1,156,461 shares in the last quarter. State Street Corp lifted its holdings in Protagonist Therapeutics by 18.5% during the 2nd quarter. State Street Corp now owns 3,207,543 shares of the company's stock worth $177,281,000 after purchasing an additional 500,924 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Protagonist Therapeutics by 66.2% during the 4th quarter. Wellington Management Group LLP now owns 3,171,423 shares of the company's stock worth $276,992,000 after purchasing an additional 1,262,977 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Protagonist Therapeutics by 9.1% in the 1st quarter. Janus Henderson Group PLC now owns 2,891,527 shares of the company's stock worth $304,866,000 after purchasing an additional 241,546 shares during the period. 98.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Protagonist Therapeutics

In related news, Director William D. Waddill sold 9,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 23rd. The shares were 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. This trade represents a 53.49% decrease in their ownership of the stock. 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 65,761 shares of Protagonist Therapeutics stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $149.11, for a total transaction of $9,805,622.71. Following the sale, the chief executive officer owned 523,478 shares of the company's stock, valued at approximately $78,055,804.58. The trade was a 11.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 127,000 shares of company stock worth $17,818,139. 5.19% of the stock is owned by company insiders.

Protagonist Therapeutics Stock Down 2.7%

Shares of NASDAQ PTGX opened at $150.59 on Wednesday. The firm has a market capitalization of $9.74 billion, a P/E ratio of 146.21 and a beta of 1.78. The stock's 50-day simple moving average is $136.34 and its two-hundred day simple moving average is $111.31. Protagonist Therapeutics, Inc. has a twelve month low of $54.50 and a twelve month high of $160.81.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.27 by $0.02. The firm had revenue of $213.47 million for the quarter, compared to analysts' expectations of $212.03 million. Protagonist Therapeutics had a return on equity of 12.03% and a net margin of 29.40%.The business's revenue was up 3746.8% on a year-over-year basis. As a group, research analysts anticipate that Protagonist Therapeutics, Inc. will post 4.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Truist Financial lifted their target price on Protagonist Therapeutics from $145.00 to $170.00 and gave the company a "buy" rating in a report on Monday, August 10th. Wedbush raised their price objective on shares of Protagonist Therapeutics from $118.00 to $173.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Wolfe Research initiated coverage on shares of Protagonist Therapeutics in a research note on Thursday, May 21st. They set an "outperform" rating and a $135.00 price objective for the company. Wall Street Zen raised shares of Protagonist Therapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, The Goldman Sachs Group upgraded shares of Protagonist Therapeutics from a "neutral" rating to a "buy" rating and increased their target price for the stock from $110.00 to $186.00 in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $140.53.

About Protagonist Therapeutics

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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