Protagonist Therapeutics, Inc. (NASDAQ:PTGX) Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in Protagonist Therapeutics by 85.7%, owning 16,679 shares valued at approximately $807,000.
• CEO Dinesh V. Patel sold 22,065 shares of the company's stock for over $1.21 million, representing a 3.87% decrease in his ownership.
• Despite recent insider sales, institutional investors hold 98.63% of Protagonist Therapeutics' stock, indicating strong institutional confidence in the company.

Envestnet Asset Management Inc. increased its stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 85.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,679 shares of the company's stock after buying an additional 7,698 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Protagonist Therapeutics were worth $807,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PTGX. Deep Track Capital LP acquired a new position in shares of Protagonist Therapeutics in the 4th quarter valued at about $38,600,000. Wellington Management Group LLP lifted its position in shares of Protagonist Therapeutics by 3,025.4% during the 4th 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 in the last quarter. Toronto Dominion Bank purchased a new stake in shares of Protagonist Therapeutics during the 4th quarter worth approximately $13,162,000. Soleus Capital Management L.P. purchased a new position in Protagonist Therapeutics in the 4th quarter valued at approximately $10,615,000. Finally, Eversept Partners LP grew its stake in Protagonist Therapeutics by 52.5% in the 4th quarter. Eversept Partners LP now owns 678,787 shares of the company's stock valued at $26,201,000 after buying an additional 233,583 shares in the last quarter. 98.63% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PTGX. Citigroup reissued an "outperform" rating on shares of Protagonist Therapeutics in a research note on Thursday. Wall Street Zen upgraded shares of Protagonist Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 8th. JMP Securities boosted their price target on shares of Protagonist Therapeutics from $67.00 to $69.00 and gave the company a "market outperform" rating in a research report on Thursday. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Protagonist Therapeutics in a research report on Tuesday, June 3rd. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $67.20.

Protagonist Therapeutics Price Performance

Shares of PTGX traded down $2.47 during trading hours on Thursday, hitting $51.40. The stock had a trading volume of 573,668 shares, compared to its average volume of 947,472. Protagonist Therapeutics, Inc. has a 52 week low of $33.31 and a 52 week high of $60.60. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 68.33 and a beta of 2.33. The company's fifty day moving average is $53.50 and its two-hundred day moving average is $47.05.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.02). Protagonist Therapeutics had a net margin of 27.04% and a return on equity of 9.22%. The business had revenue of $5.55 million during the quarter, compared to the consensus estimate of $8.32 million. Equities analysts predict that Protagonist Therapeutics, Inc. will post 2.43 EPS for the current fiscal year.

Insider Transactions at Protagonist Therapeutics

In other Protagonist Therapeutics news, insider Arturo Md Molina sold 10,000 shares of Protagonist Therapeutics stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $57.03, for a total value of $570,300.00. Following the transaction, the insider directly owned 83,892 shares of the company's stock, valued at $4,784,360.76. The trade was a 10.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 in the company, valued at approximately $28,518,632.34. This represents a 1.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,859 shares of company stock valued at $4,020,877. Corporate insiders own 4.90% of the company's stock.

Protagonist Therapeutics Company 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.