Protagonist Therapeutics (NASDAQ:PTGX) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Protagonist Therapeutics (NASDAQ:PTGX) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Several other equities research analysts also recently issued reports on the company. HC Wainwright lifted their price objective on Protagonist Therapeutics from $38.00 to $40.00 and gave the stock a buy rating in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an overweight rating in a research report on Thursday, July 25th. BTIG Research boosted their price objective on Protagonist Therapeutics from $41.00 to $51.00 and gave the company a buy rating in a research report on Wednesday, July 24th. Finally, JMP Securities reduced their price objective on Protagonist Therapeutics from $45.00 to $43.00 and set a market outperform rating for the company in a research report on Wednesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $42.80.

Protagonist Therapeutics Trading Up 4.1 %

PTGX stock traded up $1.54 during midday trading on Thursday, hitting $38.72. 678,592 shares of the company’s stock were exchanged, compared to its average volume of 790,527. Protagonist Therapeutics has a 12-month low of $13.72 and a 12-month high of $42.67. The firm has a 50 day moving average price of $34.89 and a 200-day moving average price of $30.37. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 15.24 and a beta of 2.13.

Protagonist Therapeutics (NASDAQ:PTGX) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.50) earnings per share (EPS) 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, sell-side analysts forecast that Protagonist Therapeutics will post 2.24 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Protagonist Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Protagonist Therapeutics in the 1st quarter worth $35,000. Lazard Asset Management LLC acquired a new stake in shares of Protagonist Therapeutics during the first quarter worth $69,000. Seven Eight Capital LP acquired a new stake in shares of Protagonist Therapeutics during the first quarter worth $202,000. CANADA LIFE ASSURANCE Co raised its position in shares of Protagonist Therapeutics by 74.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 9,083 shares of the company’s stock worth $263,000 after purchasing an additional 3,870 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Protagonist Therapeutics during the fourth quarter worth $210,000. Institutional investors own 98.63% of the company’s stock.

About Protagonist Therapeutics

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.