Protagonist Therapeutics (NASDAQ:PTGX) Price Target Raised to $40.00

Protagonist Therapeutics (NASDAQ:PTGX) had its target price upped by HC Wainwright from $38.00 to $40.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Protagonist Therapeutics’ FY2024 earnings at $1.44 EPS.

Other research analysts have also issued research reports about the company. JMP Securities reduced their price target on Protagonist Therapeutics from $45.00 to $43.00 and set a market outperform rating for the company in a research report on Wednesday. BTIG Research upped their price target on Protagonist Therapeutics from $41.00 to $51.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. upped their price target on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an overweight rating in a report on Thursday, July 25th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $42.80.

Protagonist Therapeutics Price Performance

Shares of NASDAQ:PTGX traded up $1.54 during trading on Wednesday, reaching $38.72. The company had a trading volume of 1,063,510 shares, compared to its average volume of 726,165. The stock’s fifty day moving average price is $35.11 and its 200 day moving average price is $30.47. Protagonist Therapeutics has a fifty-two week low of $13.72 and a fifty-two week high of $42.67. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 15.87 and a beta of 2.13.

Protagonist Therapeutics (NASDAQ:PTGX) last released its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). The business had revenue of $4.17 million for the quarter, compared to analysts’ expectations of $40.00 million. On average, equities analysts anticipate that Protagonist Therapeutics will post 2.24 EPS for the current fiscal year.

Insider Transactions at Protagonist Therapeutics

In other news, CEO Dinesh V. Ph D. Patel sold 35,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $35.19, for a total transaction of $1,231,650.00. Following the transaction, the chief executive officer now owns 515,415 shares in the company, valued at $18,137,453.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Protagonist Therapeutics news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $40.00, for a total value of $320,000.00. Following the sale, the director now owns 12,000 shares of the company’s stock, valued at approximately $480,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 35,000 shares of Protagonist Therapeutics stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $35.19, for a total transaction of $1,231,650.00. Following the sale, the chief executive officer now directly owns 515,415 shares in the company, valued at approximately $18,137,453.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,000 shares of company stock worth $1,831,650. Corporate insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its stake in Protagonist Therapeutics by 813.4% during the second quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock valued at $10,307,000 after acquiring an additional 264,900 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Protagonist Therapeutics by 36.7% in the 2nd quarter. TD Asset Management Inc now owns 148,302 shares of the company’s stock valued at $5,139,000 after purchasing an additional 39,850 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Protagonist Therapeutics in the 2nd quarter worth approximately $2,422,000. Bank of New York Mellon Corp grew its position in shares of Protagonist Therapeutics by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,299 shares of the company’s stock worth $7,079,000 after buying an additional 17,065 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in Protagonist Therapeutics by 8.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 37,880 shares of the company’s stock worth $1,313,000 after purchasing an additional 2,985 shares during the last quarter. Institutional investors own 98.63% of the company’s stock.

Protagonist Therapeutics Company 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.