Protagonist Therapeutics (NASDAQ:PTGX) Shares Down 4.4% - Here's Why

Protagonist Therapeutics, Inc. (NASDAQ:PTGX - Get Free Report) dropped 4.4% on Monday . The company traded as low as $37.75 and last traded at $37.82. Approximately 126,738 shares were traded during trading, a decline of 59% from the average daily volume of 311,539 shares. The stock had previously closed at $39.57.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. BMO Capital Markets started coverage on shares of Protagonist Therapeutics in a report on Friday, December 6th. They set an "outperform" rating and a $62.00 target price for the company. Truist Financial assumed coverage on Protagonist Therapeutics in a report on Monday, September 9th. They issued a "buy" rating and a $60.00 target price on the stock. The Goldman Sachs Group started coverage on Protagonist Therapeutics in a report on Friday, December 6th. They set a "neutral" rating and a $47.00 price target for the company. Wedbush reiterated an "outperform" rating and issued a $58.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, November 19th. Finally, StockNews.com lowered shares of Protagonist Therapeutics from a "buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Two equities research 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. According to MarketBeat.com, Protagonist Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $53.78.

Protagonist Therapeutics Stock Performance

The business's fifty day moving average price is $42.50 and its 200-day moving average price is $41.41. The stock has a market cap of $2.27 billion, a PE ratio of 14.32 and a beta of 2.23.

Insider Activity

In other Protagonist Therapeutics news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the company's stock in a transaction that occurred 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. This represents a 15.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arturo Md Molina sold 26,000 shares of Protagonist Therapeutics stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $44.70, for a total transaction of $1,162,200.00. Following the transaction, the insider now owns 46,444 shares in the company, valued at $2,076,046.80. This represents a 35.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 209,863 shares of company stock valued at $9,689,847 in the last ninety days. 5.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Protagonist Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Farallon Capital Management LLC grew its holdings in Protagonist Therapeutics by 1.8% during the second quarter. Farallon Capital Management LLC now owns 5,840,773 shares of the company's stock valued at $202,383,000 after purchasing an additional 101,800 shares during the period. RTW Investments LP lifted its position in shares of Protagonist Therapeutics by 2.6% during the 3rd quarter. RTW Investments LP now owns 5,426,112 shares of the company's stock valued at $244,175,000 after buying an additional 139,708 shares in the last quarter. State Street Corp grew its stake in shares of Protagonist Therapeutics by 52.9% during the 3rd quarter. State Street Corp now owns 3,183,542 shares of the company's stock valued at $143,259,000 after acquiring an additional 1,101,218 shares during the period. Pacer Advisors Inc. increased its holdings in Protagonist Therapeutics by 405,061.2% in 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. Finally, Geode Capital Management LLC raised its stake in Protagonist Therapeutics by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company's stock worth $61,873,000 after acquiring an additional 3,528 shares during the period. 98.63% of the stock is currently owned by hedge funds and other 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.