Protagonist Therapeutics (NASDAQ:PTGX) Shares Down 5.4% - Here's What Happened

Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) shares were down 5.4% on Tuesday . The company traded as low as $44.01 and last traded at $44.25. Approximately 415,671 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 733,520 shares. The stock had previously closed at $46.76.

Wall Street Analysts Forecast Growth

PTGX has been the subject of several analyst reports. HC Wainwright increased their target price on Protagonist Therapeutics from $40.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, September 12th. TD Cowen raised shares of Protagonist Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 25th. StockNews.com upgraded shares of Protagonist Therapeutics from a "hold" rating to a "buy" rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their target price on shares of Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, July 25th. Finally, JMP Securities reduced their price target on Protagonist Therapeutics from $45.00 to $43.00 and set a "market outperform" rating on the stock in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with 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 an average rating of "Buy" and an average price target of $53.57.

Protagonist Therapeutics Price Performance

The company has a market capitalization of $2.70 billion, a PE ratio of 17.85 and a beta of 2.17. The business has a 50-day moving average of $45.19 and a 200 day moving average of $37.60.

Protagonist Therapeutics (NASDAQ:PTGX - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.50) EPS for the quarter, meeting analysts' consensus estimates of ($0.50). The firm had revenue of $4.17 million for the quarter, compared to the consensus estimate of $40.00 million. As a group, research analysts anticipate that Protagonist Therapeutics, Inc. will post 2.32 EPS for the current year.

Insider Buying and Selling at Protagonist Therapeutics

In related news, CFO Asif Ali sold 14,203 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Protagonist Therapeutics news, CFO Asif Ali sold 14,203 shares of the company's stock in a transaction dated Wednesday, September 11th. The shares were 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 owns 34,960 shares in the company, valued at approximately $1,555,370.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William D. Waddill sold 8,000 shares of the company's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the transaction, the director now directly owns 12,000 shares of the company's stock, valued at $540,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.40% of the company's stock.

Hedge Funds Weigh In On Protagonist Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in Protagonist Therapeutics by 2,135.6% in the second quarter. Millennium Management LLC now owns 958,283 shares of the company's stock valued at $33,205,000 after acquiring an additional 915,418 shares in the last quarter. Perceptive Advisors LLC grew its stake in shares of Protagonist Therapeutics by 27.6% during the second quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company's stock worth $43,962,000 after purchasing an additional 274,412 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Protagonist Therapeutics by 813.4% in the second quarter. Renaissance Technologies LLC now owns 297,467 shares of the company's stock valued at $10,307,000 after buying an additional 264,900 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Protagonist Therapeutics in the second quarter valued at $5,467,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Protagonist Therapeutics by 24,162.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 103,842 shares of the company's stock worth $4,673,000 after buying an additional 103,414 shares during the last quarter. 98.63% of the stock is currently owned by institutional investors and hedge funds.

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.

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