Farallon Capital Management LLC Acquires 24,000 Shares of Protagonist Therapeutics, Inc. $PTGX

Key Points

• Farallon Capital bought an additional 24,000 shares and now owns 6,196,006 shares of Protagonist Therapeutics, representing about 9.91% ownership and making PTGX its 17th largest position (≈1.7% of Farallon’s portfolio).
• Protagonist reported a weak quarter, missing estimates with EPS of -$0.69 vs. -$0.53 expected and revenue of $7.44 million versus $14.92 million forecast, and continues to show negative margins.
• Insiders have sold heavily (203,167 shares worth ~$16.89M in the last three months) even as institutional ownership is high (≈98.63%) and analysts maintain a generally positive view with a consensus "Moderate Buy" rating and an average price target of $101.08.

Farallon Capital Management LLC lifted its holdings in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,196,006 shares of the company's stock after purchasing an additional 24,000 shares during the quarter. Protagonist Therapeutics accounts for approximately 1.7% of Farallon Capital Management LLC's portfolio, making the stock its 17th largest position. Farallon Capital Management LLC owned about 9.91% of Protagonist Therapeutics worth $411,601,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. BVF Inc. IL lifted its position in Protagonist Therapeutics by 24.7% during the second quarter. BVF Inc. IL now owns 3,211,041 shares of the company's stock valued at $177,474,000 after purchasing an additional 636,026 shares during the last quarter. State Street Corp increased its holdings in shares of Protagonist Therapeutics by 18.5% in the 2nd quarter. State Street Corp now owns 3,207,543 shares of the company's stock worth $177,281,000 after buying an additional 500,924 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Protagonist Therapeutics by 83.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,908,446 shares of the company's stock valued at $126,778,000 after buying an additional 870,708 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Protagonist Therapeutics by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,444,230 shares of the company's stock valued at $79,833,000 after buying an additional 20,671 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Protagonist Therapeutics by 218.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,092,262 shares of the company's stock worth $60,369,000 after acquiring an additional 748,758 shares during the last quarter. 98.63% of the stock is owned by hedge funds and other institutional investors.

Protagonist Therapeutics Stock Down 3.2%

Protagonist Therapeutics stock opened at $92.36 on Monday. The company has a market capitalization of $5.89 billion, a PE ratio of -45.05 and a beta of 2.23. The firm has a fifty day simple moving average of $85.52 and a two-hundred day simple moving average of $79.79. Protagonist Therapeutics, Inc. has a twelve month low of $39.60 and a twelve month high of $98.32.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.16). The business had revenue of $7.44 million for the quarter, compared to analysts' expectations of $14.92 million. Protagonist Therapeutics had a negative net margin of 282.83% and a negative return on equity of 19.89%. As a group, equities analysts expect that Protagonist Therapeutics, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Activity at Protagonist Therapeutics

In related news, Director Lewis T. Williams sold 18,000 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $82.42, for a total transaction of $1,483,560.00. Following the completion of the sale, the director directly owned 7,825 shares in the company, valued at $644,936.50. This represents a 69.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Asif Ali sold 46,203 shares of Protagonist Therapeutics stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $83.13, for a total value of $3,840,855.39. Following the completion of the transaction, the chief financial officer directly owned 60,320 shares in the company, valued at $5,014,401.60. This trade represents a 43.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 203,167 shares of company stock worth $16,889,199 over the last three months. Corporate insiders own 4.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Protagonist Therapeutics from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Jefferies Financial Group lifted their price target on Protagonist Therapeutics from $95.00 to $118.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Weiss Ratings cut Protagonist Therapeutics from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, February 17th. Citigroup raised their price objective on Protagonist Therapeutics from $98.00 to $115.00 and gave the company a "buy" rating in a report on Monday, December 8th. Finally, HC Wainwright boosted their target price on Protagonist Therapeutics from $80.00 to $117.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $101.08.

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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