Protagonist Therapeutics (NASDAQ:PTGX) Given Outperform Rating at Wedbush

Wedbush restated their outperform rating on shares of Protagonist Therapeutics (NASDAQ:PTGX - Free Report) in a research report sent to investors on Tuesday,RTT News reports. The firm currently has a $58.00 price target on the stock.

Other equities analysts have also issued research reports about the company. TD Cowen upgraded Protagonist Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 25th. HC Wainwright restated a "buy" rating and set a $50.00 target price on shares of Protagonist Therapeutics in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. Truist Financial assumed coverage on Protagonist Therapeutics in a report on Monday, September 9th. They issued a "buy" rating and a $60.00 price objective on the stock. Finally, StockNews.com upgraded Protagonist Therapeutics from a "hold" rating to a "buy" rating in a report on Thursday, August 8th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Protagonist Therapeutics presently has an average rating of "Buy" and a consensus target price of $53.57.

Protagonist Therapeutics Stock Performance

Protagonist Therapeutics stock traded down $1.74 during mid-day trading on Tuesday, reaching $38.65. 3,045,664 shares of the company were exchanged, compared to its average volume of 744,387. Protagonist Therapeutics has a 12-month low of $16.63 and a 12-month high of $48.89. The business has a fifty day moving average of $45.55 and a 200 day moving average of $38.90. The firm has a market cap of $2.30 billion, a P/E ratio of 14.64 and a beta of 2.17.

Insider Activity

In other news, Director William D. Waddill sold 8,000 shares of Protagonist Therapeutics stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director now owns 12,000 shares of the company's stock, valued at approximately $540,000. The trade was a 40.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Asif Ali sold 14,203 shares of Protagonist Therapeutics stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.49, for a total transaction of $631,891.47. Following the completion of the sale, the chief financial officer now owns 34,960 shares of the company's stock, valued at $1,555,370.40. This trade represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,109 shares of company stock valued at $1,069,999. 5.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Protagonist Therapeutics

Several institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Protagonist Therapeutics in the third quarter worth $909,000. Geode Capital Management LLC lifted its position in Protagonist Therapeutics by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company's stock valued at $61,873,000 after acquiring an additional 3,528 shares during the last quarter. Barclays PLC lifted its position in Protagonist Therapeutics by 223.6% in the third quarter. Barclays PLC now owns 126,995 shares of the company's stock valued at $5,714,000 after acquiring an additional 87,755 shares during the last quarter. XTX Topco Ltd purchased a new stake in Protagonist Therapeutics in the third quarter valued at $666,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Protagonist Therapeutics in the third quarter valued at about $1,354,000. Institutional investors and hedge funds 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.