HC Wainwright Reiterates "Buy" Rating for Protagonist Therapeutics (NASDAQ:PTGX)

HC Wainwright reaffirmed their buy rating on shares of Protagonist Therapeutics (NASDAQ:PTGX - Free Report) in a research report released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $50.00 target price on the stock.

Several other research analysts have also issued reports on PTGX. TD Cowen raised shares of Protagonist Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 25th. BTIG Research raised their target price on Protagonist Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Wednesday, July 24th. Wedbush reaffirmed an "outperform" rating and set a $58.00 price target on shares of Protagonist Therapeutics in a research note on Monday, November 4th. JPMorgan Chase & Co. increased their price target on Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 25th. Finally, StockNews.com raised Protagonist Therapeutics from a "hold" rating to a "buy" rating in a research report on Thursday, August 8th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Protagonist Therapeutics has an average rating of "Buy" and a consensus target price of $53.57.

Protagonist Therapeutics Trading Down 5.9 %

PTGX stock traded down $2.39 during mid-day trading on Tuesday, reaching $38.00. The company's stock had a trading volume of 2,380,567 shares, compared to its average volume of 741,427. Protagonist Therapeutics has a 12 month low of $16.63 and a 12 month high of $48.89. The business's 50 day moving average price is $45.55 and its 200 day moving average price is $38.90. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 14.64 and a beta of 2.17.

Insider Buying and Selling at Protagonist Therapeutics

In other news, CFO Asif Ali sold 14,203 shares of the company's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $44.49, for a total value of $631,891.47. Following the completion of the transaction, the chief financial officer now directly owns 34,960 shares of the company's stock, valued at $1,555,370.40. This represents a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William D. Waddill sold 8,000 shares of Protagonist Therapeutics stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $45.00, for a total value of $360,000.00. Following the sale, the director now owns 12,000 shares in the company, valued at $540,000. This trade represents a 40.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.40% of the company's stock.

Institutional Trading of Protagonist Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Protagonist Therapeutics by 749.2% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the company's stock worth $25,000 after purchasing an additional 487 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Protagonist Therapeutics during the first quarter valued at $35,000. Exchange Traded Concepts LLC purchased a new stake in Protagonist Therapeutics in the third quarter worth $43,000. CWM LLC raised its stake in shares of Protagonist Therapeutics by 910.3% in the third quarter. CWM LLC now owns 1,273 shares of the company's stock valued at $57,000 after buying an additional 1,147 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in shares of Protagonist Therapeutics during the 1st quarter valued at $69,000. 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.