TD Cowen Upgrades Protagonist Therapeutics (NASDAQ:PTGX) to “Strong-Buy”

TD Cowen upgraded shares of Protagonist Therapeutics (NASDAQ:PTGX) to a strong-buy rating in a research report sent to investors on Wednesday, Zacks.com reports.

PTGX has been the topic of a number of other research reports. Truist Financial began coverage on Protagonist Therapeutics in a research note on Monday, September 9th. They issued a buy rating and a $60.00 price objective on the stock. HC Wainwright upped their price target on shares of Protagonist Therapeutics from $40.00 to $50.00 and gave the stock a buy rating in a research report on Thursday, September 12th. BTIG Research raised their price objective on shares of Protagonist Therapeutics from $41.00 to $51.00 and gave the company a buy rating in a research report on Wednesday, July 24th. JMP Securities reduced their target price on shares of Protagonist Therapeutics from $45.00 to $43.00 and set a market outperform rating on the stock in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Protagonist Therapeutics from $39.00 to $48.00 and gave the company an overweight rating in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $49.86.

Protagonist Therapeutics Stock Down 0.8 %

Shares of PTGX stock opened at $44.56 on Wednesday. The company has a market capitalization of $2.62 billion, a P/E ratio of 18.26 and a beta of 2.17. Protagonist Therapeutics has a 12-month low of $13.72 and a 12-month high of $48.00. The firm has a 50-day moving average price of $41.76 and a 200 day moving average price of $34.23.

Protagonist Therapeutics (NASDAQ:PTGX) last posted its earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.50). The firm had revenue of $4.17 million during the quarter, compared to the consensus estimate of $40.00 million. As a group, research analysts expect that Protagonist Therapeutics will post 2.31 earnings per share for the current year.

Insider Transactions at Protagonist Therapeutics

In other Protagonist Therapeutics news, CFO Asif Ali sold 14,203 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $44.49, for a total transaction of $631,891.47. Following the completion of the sale, the chief financial officer now owns 34,960 shares in the company, valued at approximately $1,555,370.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director William D. Waddill sold 8,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $40.00, for a total value of $320,000.00. Following the sale, the director now directly owns 12,000 shares in the company, valued at approximately $480,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Asif Ali sold 14,203 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.49, for a total transaction of $631,891.47. Following the transaction, the chief financial officer now owns 34,960 shares of the company’s stock, valued at approximately $1,555,370.40. The disclosure for this sale can be found here. Insiders sold a total of 30,203 shares of company stock worth $1,311,891 in the last quarter. 5.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Protagonist Therapeutics

Several hedge funds have recently bought and sold shares of PTGX. Charles Schwab Investment Management Inc. increased its holdings in shares of Protagonist Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 455,321 shares of the company’s stock worth $10,441,000 after acquiring an additional 16,219 shares in the last quarter. Kynam Capital Management LP raised its holdings in Protagonist Therapeutics by 10.2% during the 4th quarter. Kynam Capital Management LP now owns 2,004,875 shares of the company’s stock worth $45,972,000 after buying an additional 186,218 shares during the period. Superstring Capital Management LP acquired a new stake in Protagonist Therapeutics during the 4th quarter worth approximately $8,694,000. ADAR1 Capital Management LLC bought a new position in Protagonist Therapeutics in the fourth quarter valued at approximately $4,606,000. Finally, Birchview Capital LP boosted its holdings in shares of Protagonist Therapeutics by 26.3% in the fourth quarter. Birchview Capital LP now owns 48,000 shares of the company’s stock valued at $1,101,000 after buying an additional 10,000 shares during the period. 98.63% of the stock is currently owned by institutional investors and hedge funds.

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.