Protagonist Therapeutics (NASDAQ:PTGX) Upgraded to "Strong-Buy" at Wolfe Research

Key Points

• Wolfe Research upgraded Protagonist Therapeutics (NASDAQ: PTGX) to “strong-buy.” The stock now has a consensus rating of Moderate Buy and an average price target of $115.21, according to MarketBeat data.
• The company posted stronger-than-expected quarterly results. Protagonist reported EPS of $0.05, beating estimates by $0.55, and revenue of $56.37 million versus expectations of $11.70 million.
• Insiders have been selling shares recently, including the CEO. CEO Dinesh V. Patel sold 75,000 shares for about $7.5 million, and insiders have sold 254,345 shares over the last 90 days.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) was upgraded by equities research analysts at Wolfe Research to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts also recently issued reports on PTGX. Leerink Partners lifted their price target on Protagonist Therapeutics from $107.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, March 19th. Citigroup restated an "outperform" rating on shares of Protagonist Therapeutics in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Protagonist Therapeutics in a research report on Friday, May 15th. JPMorgan Chase & Co. upped their price target on Protagonist Therapeutics from $95.00 to $106.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Finally, Wall Street Zen raised Protagonist Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.21.

Protagonist Therapeutics Trading Up 1.1%

Shares of NASDAQ PTGX opened at $102.01 on Thursday. The firm has a market capitalization of $6.56 billion, a P/E ratio of -56.36 and a beta of 1.89. The firm's 50-day moving average price is $101.23 and its 200-day moving average price is $91.21. Protagonist Therapeutics has a 1-year low of $45.14 and a 1-year high of $107.84.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.55. Protagonist Therapeutics had a negative return on equity of 17.76% and a negative net margin of 154.88%.The business had revenue of $56.37 million during the quarter, compared to analyst estimates of $11.70 million. Equities research analysts forecast that Protagonist Therapeutics will post 2.55 EPS for the current year.

Insider Activity at Protagonist Therapeutics

In other Protagonist Therapeutics news, CEO Dinesh V. Ph D. Patel sold 75,000 shares of Protagonist Therapeutics stock in a transaction dated 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Arturo Md Molina sold 15,000 shares of Protagonist Therapeutics stock in a transaction dated Thursday, March 26th. The stock was sold at an average price of $104.79, for a total transaction of $1,571,850.00. Following the completion of the sale, the insider directly owned 84,115 shares in the company, valued at approximately $8,814,410.85. This represents a 15.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 254,345 shares of company stock worth $25,810,506. 5.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Protagonist Therapeutics

Several large investors have recently modified their holdings of PTGX. Royal Bank of Canada lifted its stake in Protagonist Therapeutics by 30.6% in the first quarter. Royal Bank of Canada now owns 9,964 shares of the company's stock valued at $482,000 after purchasing an additional 2,334 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Protagonist Therapeutics by 0.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,403 shares of the company's stock valued at $1,810,000 after buying an additional 348 shares during the period. Millennium Management LLC raised its stake in shares of Protagonist Therapeutics by 283.6% in the first quarter. Millennium Management LLC now owns 134,269 shares of the company's stock valued at $6,493,000 after buying an additional 99,269 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Protagonist Therapeutics during the 2nd quarter valued at $987,000. Finally, Guggenheim Capital LLC lifted its position in shares of Protagonist Therapeutics by 1.6% during the 2nd quarter. Guggenheim Capital LLC now owns 19,208 shares of the company's stock valued at $1,062,000 after buying an additional 303 shares during the last quarter. Hedge funds and other institutional investors own 98.63% of the company's stock.

About Protagonist Therapeutics

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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