New Vernon Capital Holdings II LLC Purchases 345,034 Shares of Protagonist Therapeutics, Inc. $PTGX

Key Points

• New Vernon Capital Holdings II LLC increased its stake in Protagonist Therapeutics by 11,271.9% in Q1, acquiring 348,095 shares valued at approximately $16.83 million.
• The company received varied ratings from analysts, with one "Strong Buy" rating, seven "Buy" ratings, and a Consensus price target of $67.20.
• Protagonist Therapeutics recently reported Q2 earnings with an EPS of ($0.55), missing estimates, and revenue of $5.55 million, below analyst projections.

New Vernon Capital Holdings II LLC grew its position in Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 11,271.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 348,095 shares of the company's stock after buying an additional 345,034 shares during the period. New Vernon Capital Holdings II LLC owned approximately 0.56% of Protagonist Therapeutics worth $16,834,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PTGX. Wellington Management Group LLP raised its holdings in Protagonist Therapeutics by 3,025.4% in the fourth quarter. Wellington Management Group LLP now owns 940,077 shares of the company's stock worth $36,287,000 after buying an additional 909,998 shares during the last quarter. BVF Inc. IL raised its holdings in Protagonist Therapeutics by 35.5% in the first quarter. BVF Inc. IL now owns 2,575,015 shares of the company's stock worth $124,528,000 after buying an additional 675,000 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Protagonist Therapeutics in the first quarter worth about $16,612,000. Toronto Dominion Bank purchased a new position in Protagonist Therapeutics in the fourth quarter worth about $13,162,000. Finally, Soleus Capital Management L.P. purchased a new position in Protagonist Therapeutics in the fourth quarter worth about $10,615,000. 98.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. JMP Securities lifted their price target on shares of Protagonist Therapeutics from $67.00 to $69.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, June 3rd. Citigroup reiterated an "outperform" rating on shares of Protagonist Therapeutics in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Protagonist Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $67.20.

Insider Activity at Protagonist Therapeutics

In other Protagonist Therapeutics news, Director William D. Waddill sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $59.25, for a total value of $237,000.00. Following the completion of the transaction, the director directly owned 9,130 shares in the company, valued at $540,952.50. This represents a 30.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 10,415 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $54.78, for a total transaction 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. The trade was 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 valued at $3,687,577 over the last 90 days. 4.90% of the stock is currently owned by company insiders.

Protagonist Therapeutics Trading Down 1.3%

NASDAQ PTGX traded down $0.78 during trading hours on Wednesday, hitting $57.58. 245,648 shares of the company's stock traded hands, compared to its average volume of 936,832. The business's fifty day moving average price is $55.24 and its two-hundred day moving average price is $50.29. The firm has a market capitalization of $3.58 billion, a P/E ratio of 82.13 and a beta of 2.22. Protagonist Therapeutics, Inc. has a 52 week low of $33.31 and a 52 week high of $61.89.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last announced its 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). The business had revenue of $5.55 million for the quarter, compared to the consensus estimate of $8.32 million. Protagonist Therapeutics had a net margin of 24.88% and a return on equity of 8.12%. On average, sell-side analysts expect that Protagonist Therapeutics, Inc. will post 2.43 EPS for the current fiscal year.

Protagonist Therapeutics 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.