Protagonist Therapeutics, Inc. $PTGX Shares Acquired by Orbimed Advisors LLC

Key Points

• Orbimed Advisors increased its Protagonist Therapeutics stake by 94% in the first quarter, bringing its holdings to 42,100 shares worth approximately $4.44 million. Institutional investors and hedge funds collectively own 98.63% of PTGX.
• Analysts maintain a generally bullish outlook, with a consensus rating of “Moderate Buy” and an average price target of $123; several firms recently raised their targets to between $137 and $151.
• Protagonist reported first-quarter earnings of $0.05 per share, exceeding estimates for a $0.50 loss, while revenue of $56.37 million also surpassed expectations. However, insiders sold 161,130 shares valued at $16.36 million during the last quarter.

Orbimed Advisors LLC increased its holdings in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 94.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,100 shares of the company's stock after purchasing an additional 20,400 shares during the period. Orbimed Advisors LLC owned 0.07% of Protagonist Therapeutics worth $4,437,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PTGX. Weiss Asset Management LP acquired a new position in shares of Protagonist Therapeutics during the first quarter worth about $1,031,000. Granahan Investment Management LLC acquired a new stake in shares of Protagonist Therapeutics in the first quarter valued at about $2,887,000. Gabelli Funds LLC acquired a new stake in shares of Protagonist Therapeutics in the first quarter valued at about $340,000. Sei Investments Co. raised its holdings in shares of Protagonist Therapeutics by 122.8% during the 1st quarter. Sei Investments Co. now owns 83,197 shares of the company's stock valued at $8,769,000 after buying an additional 45,851 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Protagonist Therapeutics by 89.1% during the 1st quarter. First Trust Advisors LP now owns 87,858 shares of the company's stock valued at $9,260,000 after buying an additional 41,404 shares during the period. 98.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citizens Jmp upped their target price on Protagonist Therapeutics from $120.00 to $137.00 and gave the company a "market outperform" rating in a research report on Wednesday, May 6th. The Goldman Sachs Group reissued a "neutral" rating and set a $110.00 price target on shares of Protagonist Therapeutics in a research report on Wednesday, May 6th. Barclays lifted their price target on shares of Protagonist Therapeutics from $119.00 to $151.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. TD Cowen reaffirmed a "buy" rating on shares of Protagonist Therapeutics in a report on Wednesday, July 1st. Finally, Truist Financial raised their price objective on shares of Protagonist Therapeutics from $121.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned 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, Protagonist Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $123.00.

Insider Activity at Protagonist Therapeutics

In other Protagonist Therapeutics news, Director William D. Waddill sold 9,000 shares of the firm's stock in a transaction dated 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 transaction, the director 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 legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Dinesh V. Ph D. Patel sold 75,000 shares of Protagonist Therapeutics stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $100.12, for a total value of $7,509,000.00. Following the completion of the transaction, the chief executive officer owned 523,478 shares of the company's stock, valued at approximately $52,410,617.36. The trade was a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 161,130 shares of company stock valued at $16,355,220 in the last quarter. Insiders own 5.19% of the company's stock.

Protagonist Therapeutics Price Performance

Protagonist Therapeutics stock opened at $136.11 on Monday. Protagonist Therapeutics, Inc. has a 12 month low of $50.49 and a 12 month high of $143.29. The company has a fifty day moving average price of $116.79 and a two-hundred day moving average price of $101.45. The company has a market cap of $8.75 billion, a PE ratio of -75.20 and a beta of 1.79.

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

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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