TD Asset Management Inc Sells 53,600 Shares of Protagonist Therapeutics, Inc. $PTGX

Key Points

• TD Asset Management Inc reduced its stake in Protagonist Therapeutics by 31.5%, selling 53,600 shares and now holds 116,332 shares worth approximately $6.43 million.
• Brokerages have given mixed ratings to Protagonist Therapeutics, with Citigroup raising its price target from $72 to $96 while Weiss Ratings issued a "sell" rating.
• Insider transactions were notable, with multiple executives selling significant amounts of stock, including Director William D. Waddill selling 12,000 shares for nearly $1 million.

TD Asset Management Inc lowered its position in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 31.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,332 shares of the company's stock after selling 53,600 shares during the quarter. TD Asset Management Inc owned 0.19% of Protagonist Therapeutics worth $6,430,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PTGX. BVF Inc. IL increased its stake in shares of Protagonist Therapeutics by 35.5% during the 1st quarter. BVF Inc. IL now owns 2,575,015 shares of the company's stock worth $124,528,000 after purchasing an additional 675,000 shares during the last quarter. New Vernon Capital Holdings II LLC increased its stake in shares of Protagonist Therapeutics by 11,271.9% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 348,095 shares of the company's stock worth $16,834,000 after purchasing an additional 345,034 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Protagonist Therapeutics during the 1st quarter worth approximately $16,612,000. Woodline Partners LP increased its stake in shares of Protagonist Therapeutics by 54.2% during the 1st quarter. Woodline Partners LP now owns 897,699 shares of the company's stock worth $43,413,000 after purchasing an additional 315,372 shares during the last quarter. Finally, Burney Co. purchased a new stake in shares of Protagonist Therapeutics during the 1st quarter worth approximately $9,768,000. Institutional investors own 98.63% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PTGX. BMO Capital Markets restated an "outperform" rating on shares of Protagonist Therapeutics in a research note on Monday, October 13th. Weiss Ratings restated a "sell (d+)" rating on shares of Protagonist Therapeutics in a research note on Wednesday, October 8th. Citigroup raised their price target on shares of Protagonist Therapeutics from $72.00 to $96.00 and gave the stock a "buy" rating in a research note on Friday. JMP Securities raised 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, Leerink Partners began coverage on shares of Protagonist Therapeutics in a research note on Friday, September 12th. They set an "outperform" rating and a $73.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $74.00.

Protagonist Therapeutics Trading Up 2.3%

Protagonist Therapeutics stock opened at $77.50 on Monday. Protagonist Therapeutics, Inc. has a 1-year low of $33.31 and a 1-year high of $93.25. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 110.72 and a beta of 2.20. The firm has a 50 day simple moving average of $62.55 and a 200 day simple moving average of $54.14.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.55) earnings per share for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.02). Protagonist Therapeutics had a net margin of 24.88% and a return on equity of 8.12%. The business had revenue of $5.55 million during the quarter, compared to analysts' expectations of $8.32 million. On average, equities research analysts forecast that Protagonist Therapeutics, Inc. will post 2.43 EPS for the current year.

Insiders Place Their Bets

In other news, Director William D. Waddill sold 12,000 shares of the business's stock in a transaction on Friday, October 10th. The shares were sold at an average price of $81.62, for a total transaction of $979,440.00. Following the completion of the transaction, the director directly owned 5,130 shares in the company, valued at $418,710.60. The trade was a 70.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dinesh V. Ph D. Patel sold 22,065 shares of the business's stock in a transaction on 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 of the company's stock, valued at $30,197,016.90. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,000 shares of company stock valued at $4,218,573 over the last 90 days. Company insiders own 4.90% of the company's stock.

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.

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