Protagonist Therapeutics (NASDAQ:PTGX) Now Covered by BMO Capital Markets

BMO Capital Markets started coverage on shares of Protagonist Therapeutics (NASDAQ:PTGX - Free Report) in a research report sent to investors on Friday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $62.00 price objective on the stock.

A number of other research analysts have also recently commented on PTGX. StockNews.com raised shares of Protagonist Therapeutics from a "hold" rating to a "buy" rating in a research report on Thursday, August 8th. TD Cowen raised Protagonist Therapeutics to a "strong-buy" rating in a report on Wednesday, September 25th. HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Protagonist Therapeutics in a report on Tuesday, November 19th. Truist Financial began coverage on Protagonist Therapeutics in a research note on Monday, September 9th. They set a "buy" rating and a $60.00 target price for the company. Finally, Wedbush reissued an "outperform" rating and set a $58.00 price target on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $53.78.

Protagonist Therapeutics Price Performance

NASDAQ PTGX traded up $0.38 during trading hours on Friday, hitting $42.06. The company had a trading volume of 543,409 shares, compared to its average volume of 821,530. The firm's 50 day moving average is $44.76 and its 200 day moving average is $40.13. Protagonist Therapeutics has a fifty-two week low of $19.00 and a fifty-two week high of $48.89. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 15.81 and a beta of 2.18.

Insiders Place Their Bets

In related news, insider Arturo Md Molina sold 1,906 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $40.98, for a total value of $78,107.88. Following the sale, the insider now owns 46,444 shares of the company's stock, valued at approximately $1,903,275.12. This trade represents a 3.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.96, for a total value of $3,687,299.20. Following the completion of the sale, the chief executive officer now directly owns 435,208 shares in the company, valued at approximately $20,437,367.68. This trade represents a 15.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 232,066 shares of company stock valued at $10,681,738 over the last 90 days. 5.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Protagonist Therapeutics

Several institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System bought a new stake in Protagonist Therapeutics during the 3rd quarter valued at $1,107,000. Seven Eight Capital LP raised its holdings in Protagonist Therapeutics by 426.9% during the second quarter. Seven Eight Capital LP now owns 36,793 shares of the company's stock worth $1,275,000 after purchasing an additional 29,810 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Protagonist Therapeutics by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 204,299 shares of the company's stock worth $7,079,000 after purchasing an additional 17,065 shares in the last quarter. Swedbank AB acquired a new stake in Protagonist Therapeutics in the third quarter worth approximately $2,250,000. Finally, Dark Forest Capital Management LP bought a new position in Protagonist Therapeutics during the 2nd quarter valued at $2,112,000. 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.