Protagonist Therapeutics (NASDAQ:PTGX) Trading 8.9% Higher - Still a Buy?

Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) shot up 8.9% during trading on Wednesday . The company traded as high as $39.98 and last traded at $39.95. 81,794 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 544,883 shares. The stock had previously closed at $36.67.

Analysts Set New Price Targets

PTGX has been the subject of several recent research reports. Wedbush reissued an "outperform" rating and issued a $58.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, November 19th. The Goldman Sachs Group started coverage on shares of Protagonist Therapeutics in a report on Friday, December 6th. They set a "neutral" rating and a $47.00 price target for the company. BMO Capital Markets assumed coverage on shares of Protagonist Therapeutics in a research report on Friday, December 6th. They issued an "outperform" rating and a $62.00 price target on the stock. StockNews.com cut shares of Protagonist Therapeutics from a "buy" rating to a "hold" rating in a research report on Tuesday, December 10th. Finally, TD Cowen upgraded shares of Protagonist Therapeutics to a "strong-buy" rating in a report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $53.78.

Protagonist Therapeutics Stock Up 3.5 %

The firm's 50 day simple moving average is $40.96 and its two-hundred day simple moving average is $41.64. The stock has a market capitalization of $2.26 billion, a P/E ratio of 14.26 and a beta of 2.23.

Insider Buying and Selling at Protagonist Therapeutics

In related news, insider Arturo Md Molina sold 1,906 shares of the stock in a transaction 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 transaction, the insider now directly owns 46,444 shares in the company, valued at $1,903,275.12. This trade represents a 3.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dinesh V. Ph D. Patel sold 78,520 shares of Protagonist Therapeutics stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.96, for a total transaction of $3,687,299.20. Following the completion of the sale, the chief executive officer now directly owns 435,208 shares of the company's stock, valued at approximately $20,437,367.68. The trade was a 15.28 % 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 Investors Weigh In On Protagonist Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in Protagonist Therapeutics by 749.2% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the company's stock valued at $25,000 after purchasing an additional 487 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Protagonist Therapeutics in the fourth quarter valued at approximately $38,000. Exchange Traded Concepts LLC purchased a new position in shares of Protagonist Therapeutics during the third quarter valued at approximately $43,000. CWM LLC grew its holdings in Protagonist Therapeutics by 910.3% during the third quarter. CWM LLC now owns 1,273 shares of the company's stock worth $57,000 after buying an additional 1,147 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Protagonist Therapeutics in the 3rd quarter valued at $69,000. 98.63% of the stock is owned by institutional investors.

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.