Protagonist Therapeutics (NASDAQ:PTGX) Reaches New 52-Week High on Analyst Upgrade

Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $60.00 to $76.00. Truist Financial currently has a buy rating on the stock. Protagonist Therapeutics traded as high as $58.57 and last traded at $58.04, with a volume of 1288513 shares traded. The stock had previously closed at $55.95.

A number of other analysts have also issued reports on PTGX. The Goldman Sachs Group decreased their target price on shares of Protagonist Therapeutics from $43.00 to $38.00 and set a "neutral" rating on the stock in a research report on Monday, February 24th. HC Wainwright restated a "buy" rating and set a $54.00 target price on shares of Protagonist Therapeutics in a research report on Monday, March 10th. BTIG Research set a $73.00 price target on shares of Protagonist Therapeutics in a research note on Monday, March 3rd. Wedbush reaffirmed an "outperform" rating and set a $58.00 price target on shares of Protagonist Therapeutics in a research note on Friday, February 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $58.00 price target on shares of Protagonist Therapeutics in a research note on Friday, February 7th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.22.

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Insider Activity

In related news, CEO Dinesh V. Ph D. Patel sold 5,359 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $38.18, for a total transaction of $204,606.62. Following the completion of the sale, the chief executive officer now directly owns 540,260 shares of the company's stock, valued at approximately $20,627,126.80. This trade represents a 0.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Asif Ali sold 24,903 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $58.73, for a total transaction of $1,462,553.19. Following the sale, the chief financial officer now directly owns 62,821 shares of the company's stock, valued at approximately $3,689,477.33. The trade was a 28.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,776 shares of company stock valued at $3,368,010. Company insiders own 5.40% of the company's stock.

Institutional Investors Weigh In On Protagonist Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in Protagonist Therapeutics by 405,061.2% during the 3rd quarter. Pacer Advisors Inc. now owns 1,734,090 shares of the company's stock worth $78,034,000 after acquiring an additional 1,733,662 shares in the last quarter. State Street Corp grew its holdings in Protagonist Therapeutics by 52.9% during the 3rd quarter. State Street Corp now owns 3,183,542 shares of the company's stock worth $143,259,000 after acquiring an additional 1,101,218 shares in the last quarter. Deep Track Capital LP acquired a new position in Protagonist Therapeutics during the 4th quarter worth $38,600,000. Wellington Management Group LLP boosted its holdings in shares of Protagonist Therapeutics by 3,025.4% in the 4th quarter. Wellington Management Group LLP now owns 940,077 shares of the company's stock valued at $36,287,000 after buying an additional 909,998 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Protagonist Therapeutics by 61.5% in the 4th quarter. American Century Companies Inc. now owns 928,286 shares of the company's stock valued at $35,832,000 after buying an additional 353,511 shares during the period. 98.63% of the stock is owned by institutional investors and hedge funds.

Protagonist Therapeutics Trading Down 0.2 %

The business's 50-day moving average is $39.63 and its two-hundred day moving average is $42.24. The firm has a market cap of $3.36 billion, a P/E ratio of 20.59 and a beta of 2.34.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last announced its quarterly earnings data on Friday, February 21st. The company reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $2.07. Protagonist Therapeutics had a net margin of 52.76% and a return on equity of 34.68%. The business had revenue of $170.64 million during the quarter, compared to the consensus estimate of $56.65 million. On average, analysts anticipate that Protagonist Therapeutics, Inc. will post 2.43 earnings per share for the current year.

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.