Raymond James Financial Inc. Cuts Position in Protagonist Therapeutics, Inc. $PTGX

Key Points

• Raymond James Financial Inc. reduced its stake in Protagonist Therapeutics by 1.5%, owning approximately 0.48% of the company, worth around $14.45 million after selling 4,486 shares.
• Protagonist Therapeutics reported a loss of $0.55 EPS for the last quarter, missing estimates, with revenues at $5.55 million, below analyst expectations of $8.32 million.
• A significant majority, 98.63%, of Protagonist Therapeutics stock is held by institutional investors and hedge funds, indicating strong institutional interest in the company.

Raymond James Financial Inc. reduced its stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 1.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 298,827 shares of the company's stock after selling 4,486 shares during the period. Raymond James Financial Inc. owned approximately 0.48% of Protagonist Therapeutics worth $14,451,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Farallon Capital Management LLC lifted its stake in Protagonist Therapeutics by 1.2% in the fourth quarter. Farallon Capital Management LLC now owns 5,930,006 shares of the company's stock worth $228,898,000 after purchasing an additional 69,000 shares during the last quarter. RTW Investments LP lifted its stake in Protagonist Therapeutics by 1.3% in the fourth quarter. RTW Investments LP now owns 5,498,545 shares of the company's stock worth $212,244,000 after purchasing an additional 72,433 shares during the last quarter. Vanguard Group Inc. lifted its stake in Protagonist Therapeutics by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,277,218 shares of the company's stock worth $206,846,000 after purchasing an additional 57,181 shares during the last quarter. BVF Inc. IL lifted its stake in Protagonist Therapeutics by 2.7% in the fourth quarter. BVF Inc. IL now owns 1,900,015 shares of the company's stock worth $73,341,000 after purchasing an additional 49,848 shares during the last quarter. Finally, Deep Track Capital LP bought a new stake in Protagonist Therapeutics in the fourth quarter worth $38,600,000. 98.63% of the stock is owned by institutional investors.

Insider Activity at Protagonist Therapeutics

In related news, CEO Dinesh V. Ph D. Patel sold 22,065 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $55.05, for a total transaction of $1,214,678.25. Following the transaction, the chief executive officer owned 548,538 shares in the company, valued at $30,197,016.90. The trade was a 3.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Arturo Md Molina sold 10,000 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $57.03, for a total transaction of $570,300.00. Following the transaction, the insider owned 83,892 shares in the company, valued at $4,784,360.76. This represents a 10.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,859 shares of company stock worth $4,257,877 over the last 90 days. 4.90% of the stock is owned by company insiders.

Protagonist Therapeutics Trading Up 1.6%

Shares of PTGX stock traded up $0.91 during mid-day trading on Friday, reaching $59.05. The stock had a trading volume of 792,267 shares, compared to its average volume of 667,209. The stock's 50-day moving average price is $54.58 and its two-hundred day moving average price is $49.39. Protagonist Therapeutics, Inc. has a 52-week low of $33.31 and a 52-week high of $61.89. The firm has a market capitalization of $3.67 billion, a PE ratio of 84.36 and a beta of 2.22.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last announced its quarterly 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). Protagonist Therapeutics had a net margin of 24.88% and a return on equity of 8.12%. The company had revenue of $5.55 million for the quarter, compared to analysts' expectations of $8.32 million. On average, equities research analysts forecast that Protagonist Therapeutics, Inc. will post 2.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PTGX. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, June 3rd. Citigroup reissued an "outperform" rating on shares of Protagonist Therapeutics in a research note on Thursday, August 7th. JMP Securities boosted 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. Finally, Wall Street Zen raised 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 company. According to MarketBeat, Protagonist Therapeutics has an average rating of "Buy" and a consensus price target of $67.20.

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.