Protagonist Therapeutics (NASDAQ:PTGX) Shares Gap Up - Here's What Happened

Shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $38.35, but opened at $50.08. Protagonist Therapeutics shares last traded at $53.10, with a volume of 1,702,646 shares.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PTGX shares. The Goldman Sachs Group decreased their target price on Protagonist Therapeutics from $43.00 to $38.00 and set a "neutral" rating on the stock in a report on Monday, February 24th. BMO Capital Markets boosted their target price on Protagonist Therapeutics from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Tuesday. HC Wainwright reissued a "buy" rating and set a $54.00 target price on shares of Protagonist Therapeutics in a report on Monday. StockNews.com downgraded Protagonist Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Finally, BTIG Research set a $73.00 price target on Protagonist Therapeutics in a research note on Monday, March 3rd. 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 an average rating of "Moderate Buy" and a consensus price target of $61.22.

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Protagonist Therapeutics Trading Down 0.2 %

The business has a 50-day moving average price of $39.63 and a two-hundred day moving average price of $42.24. The stock has a market capitalization 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 released its earnings results 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. The firm had revenue of $170.64 million during the quarter, compared to the consensus estimate of $56.65 million. Protagonist Therapeutics had a return on equity of 34.68% and a net margin of 52.76%. On average, sell-side analysts forecast that Protagonist Therapeutics, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Arturo Md Molina sold 30,514 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $55.74, for a total transaction of $1,700,850.36. Following the completion of the sale, the insider now directly owns 83,892 shares in the company, valued at $4,676,140.08. This represents a 26.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Asif Ali sold 24,903 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $58.73, for a total value of $1,462,553.19. Following the sale, the chief financial officer now owns 62,821 shares of the company's stock, valued at approximately $3,689,477.33. This represents a 28.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 60,776 shares of company stock worth $3,368,010. 5.40% of the stock is currently owned by company insiders.

Institutional Trading of Protagonist Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in Protagonist Therapeutics by 127.2% in the 3rd quarter. Franklin Resources Inc. now owns 81,591 shares of the company's stock worth $3,782,000 after purchasing an additional 45,674 shares in the last quarter. Swedbank AB acquired a new position in Protagonist Therapeutics in the 3rd quarter worth about $2,250,000. Charles Schwab Investment Management Inc. increased its holdings in Protagonist Therapeutics by 7.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 565,503 shares of the company's stock worth $25,448,000 after purchasing an additional 39,850 shares in the last quarter. Principal Financial Group Inc. increased its holdings in 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 purchasing an additional 310,804 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Protagonist Therapeutics in the 3rd quarter worth about $861,000. 98.63% of the stock is currently owned by institutional investors.

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.