Wellington Management Group LLP Sells 182,863 Shares of Protagonist Therapeutics, Inc. $PTGX

Key Points

• Wellington Management reduced its Protagonist Therapeutics stake by 5.1%, selling 182,863 shares while retaining 3.42 million shares, or approximately 5.28% of the company. Institutional investors and hedge funds collectively own 98.63% of PTGX.
• Protagonist reported quarterly earnings of $2.29 per share versus the $2.27 consensus estimate, with revenue of $213.47 million—up 3,746.8% year over year. Shares opened at $144.33, near their 52-week high of $160.81.
• Analyst sentiment remains favorable, with an average rating of “Moderate Buy” and an average price target of $140.53; however, company insiders sold 118,000 shares worth approximately $16.9 million during the latest quarter.

Wellington Management Group LLP lessened its stake in shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Free Report) by 5.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,416,781 shares of the company's stock after selling 182,863 shares during the quarter. Wellington Management Group LLP owned approximately 5.28% of Protagonist Therapeutics worth $418,829,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Johnson & Johnson acquired a new position in Protagonist Therapeutics in the 2nd quarter worth about $300,220,852. NEXTBio Capital Management LP acquired a new stake in shares of Protagonist Therapeutics during the fourth quarter valued at about $20,055,000. Jennison Associates LLC acquired a new stake in shares of Protagonist Therapeutics during the fourth quarter valued at about $28,924,000. Deutsche Bank AG bought a new stake in shares of Protagonist Therapeutics during the second quarter worth about $17,387,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Protagonist Therapeutics during the fourth quarter worth about $42,783,000. 98.63% of the stock is currently owned by institutional investors and hedge funds.

Protagonist Therapeutics Stock Performance

Shares of NASDAQ PTGX opened at $144.33 on Friday. The company's 50 day moving average price is $138.51 and its 200-day moving average price is $112.49. Protagonist Therapeutics, Inc. has a 52-week low of $54.50 and a 52-week high of $160.81. The company has a market capitalization of $9.34 billion, a P/E ratio of 140.13 and a beta of 1.78.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.02. Protagonist Therapeutics had a net margin of 29.40% and a return on equity of 12.03%. The company had revenue of $213.47 million during the quarter, compared to analysts' expectations of $212.03 million. Protagonist Therapeutics's revenue for the quarter was up 3746.8% on a year-over-year basis. Analysts forecast that Protagonist Therapeutics, Inc. will post 4.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Protagonist Therapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 22nd. UBS Group raised shares of Protagonist Therapeutics to a "buy" rating in a report on Monday, August 10th. Wedbush upped their price target on shares of Protagonist Therapeutics from $118.00 to $173.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Citizens Jmp raised their price target on shares of Protagonist Therapeutics from $120.00 to $137.00 and gave the company a "market outperform" rating in a research note on Wednesday, May 6th. Finally, TD Cowen reiterated a "buy" rating on shares of Protagonist Therapeutics in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $140.53.

Insider Buying and Selling

In other Protagonist Therapeutics news, Director William D. Waddill sold 9,000 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $117.94, for a total value of $1,061,460.00. Following the transaction, the director directly owned 7,825 shares of the company's stock, valued at approximately $922,880.50. The trade was a 53.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Dinesh V. Ph D. Patel sold 34,239 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $148.52, for a total value of $5,085,176.28. Following the transaction, the chief executive officer owned 523,478 shares in the company, valued at $77,746,952.56. The trade was a 6.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 118,000 shares of company stock valued at $16,921,379. 5.19% of the stock is currently owned by corporate insiders.

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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