Fifth Third Bancorp Increases Stock Holdings in Protagonist Therapeutics, Inc. $PTGX

Key Points

• Fifth Third Bancorp dramatically increased its stake in Protagonist Therapeutics, boosting holdings by 3,937.3% in the first quarter to 13,202 shares worth about $1.39 million. Several other institutional investors also added to their positions, and institutions now own 98.63% of the stock.
• Protagonist Therapeutics reported better-than-expected quarterly results, posting EPS of $0.05 versus an estimated loss of $0.50 and revenue of $56.37 million versus $11.70 million expected. Despite those results, the company still showed negative return on equity and net margin.
• Insider selling and mixed analyst views remain notable: directors Bryan Giraudo and William D. Waddill sold shares, and insiders have sold 161,130 shares over the last three months. Analysts are generally constructive, with a consensus Moderate Buy rating and a $123 price target, though one firm still rates the stock a sell.

Fifth Third Bancorp grew its position in Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 3,937.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,202 shares of the company's stock after acquiring an additional 12,875 shares during the period. Fifth Third Bancorp's holdings in Protagonist Therapeutics were worth $1,392,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PTGX. Farther Finance Advisors LLC grew its holdings in Protagonist Therapeutics by 110.6% during the fourth quarter. Farther Finance Advisors LLC now owns 297 shares of the company's stock worth $26,000 after acquiring an additional 156 shares during the period. Oregon Public Employees Retirement Fund raised its position in Protagonist Therapeutics by 1.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 13,393 shares of the company's stock worth $1,170,000 after acquiring an additional 193 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in Protagonist Therapeutics by 2.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 8,603 shares of the company's stock valued at $751,000 after acquiring an additional 196 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Protagonist Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,760 shares of the company's stock valued at $291,000 after acquiring an additional 200 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Protagonist Therapeutics by 8.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,959 shares of the company's stock worth $258,000 after purchasing an additional 221 shares in the last quarter. 98.63% of the stock is currently owned by institutional investors and hedge funds.

Protagonist Therapeutics Trading Up 0.5%

Shares of PTGX stock opened at $136.11 on Friday. The company has a market cap of $8.75 billion, a PE ratio of -75.20 and a beta of 1.79. The company's fifty day simple moving average is $116.79 and its 200-day simple moving average is $101.33. Protagonist Therapeutics, Inc. has a 52 week low of $50.49 and a 52 week high of $143.29.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.50) by $0.55. The business had revenue of $56.37 million during the quarter, compared to analyst estimates of $11.70 million. Protagonist Therapeutics had a negative return on equity of 17.76% and a negative net margin of 154.88%. Equities research analysts expect that Protagonist Therapeutics, Inc. will post 3.69 EPS for the current fiscal year.

Insider Activity

In related news, Director Bryan Giraudo sold 36,000 shares of Protagonist Therapeutics stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $100.14, for a total value of $3,605,040.00. Following the completion of the sale, the director owned 27,825 shares in the company, valued at approximately $2,786,395.50. The trade was a 56.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Waddill sold 9,000 shares of the company'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 owned 7,825 shares in the company, valued at $922,880.50. The trade was a 53.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 161,130 shares of company stock worth $16,355,220. 5.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PTGX. Wedbush boosted their target price on Protagonist Therapeutics from $112.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Protagonist Therapeutics in a research report on Friday, May 15th. Citigroup reissued an "outperform" rating on shares of Protagonist Therapeutics in a research note on Friday, July 17th. TD Cowen reiterated a "buy" rating on shares of Protagonist Therapeutics in a research report on Wednesday, July 1st. Finally, Wolfe Research initiated coverage on Protagonist Therapeutics in a research report on Thursday, May 21st. They set an "outperform" rating and a $135.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Protagonist Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.00.

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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