Protagonist Therapeutics (NASDAQ:PTGX) Stock Price Down 2.3% - Here's Why

Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) shares traded down 2.3% during trading on Tuesday . The stock traded as low as $39.40 and last traded at $39.65. 69,921 shares were traded during trading, a decline of 91% from the average session volume of 745,951 shares. The stock had previously closed at $40.60.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PTGX shares. StockNews.com cut Protagonist Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, December 10th. BMO Capital Markets assumed coverage on shares of Protagonist Therapeutics in a research report on Friday, December 6th. They set an "outperform" rating and a $62.00 target price for the company. Truist Financial assumed coverage on shares of Protagonist Therapeutics in a research report on Monday, September 9th. They issued a "buy" rating and a $60.00 price target on the stock. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Protagonist Therapeutics in a research report on Tuesday, December 10th. Finally, TD Cowen raised shares of Protagonist Therapeutics to a "strong-buy" rating in a research note on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $53.78.

Protagonist Therapeutics Trading Down 3.2 %

The company has a market cap of $2.34 billion, a P/E ratio of 14.77 and a beta of 2.18. The stock's 50-day moving average price is $43.91 and its 200-day moving average price is $41.06.

Insider Buying and Selling at Protagonist Therapeutics

In related news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.96, for a total value of $3,687,299.20. Following the transaction, the chief executive officer now owns 435,208 shares of the company's stock, valued at approximately $20,437,367.68. This trade represents a 15.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arturo Md Molina sold 1,906 shares of Protagonist Therapeutics stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $40.98, for a total value of $78,107.88. Following the transaction, the insider now owns 46,444 shares of the company's stock, valued at $1,903,275.12. This trade represents a 3.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 209,863 shares of company stock valued at $9,689,847. Company insiders own 5.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PTGX. Principal Financial Group Inc. grew its stake in shares of Protagonist Therapeutics by 3,099.4% in the 3rd quarter. Principal Financial Group Inc. now owns 320,832 shares of the company's stock worth $14,437,000 after acquiring an additional 310,804 shares in the last quarter. Franklin Resources Inc. increased its stake in Protagonist Therapeutics by 127.2% in the 3rd quarter. Franklin Resources Inc. now owns 81,591 shares of the company's stock valued at $3,782,000 after buying an additional 45,674 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Protagonist Therapeutics during the 3rd quarter worth approximately $909,000. Geode Capital Management LLC grew its holdings in shares of 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 in the last quarter. Finally, Barclays PLC grew its holdings in shares of 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 in the last quarter. Hedge funds and other 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.