Brokerages Set Protagonist Therapeutics, Inc. (NASDAQ:PTGX) PT at $53.78

Shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX) have been assigned an average rating of “Buy” from the nine analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $53.78.

Several research firms have recently weighed in on PTGX. StockNews.com lowered shares of Protagonist Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, December 10th. TD Cowen raised shares of Protagonist Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 25th. The Goldman Sachs Group began coverage on shares of Protagonist Therapeutics in a research note on Friday, December 6th. They issued a “neutral” rating and a $47.00 target price for the company. Wedbush restated an “outperform” rating and set a $58.00 price target on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. Finally, HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Protagonist Therapeutics in a research report on Tuesday, December 10th.

Protagonist Therapeutics Price Performance

Shares of NASDAQ:PTGX opened at $38.96 on Friday. The business’s fifty day moving average price is $43.28 and its two-hundred day moving average price is $41.11. Protagonist Therapeutics has a fifty-two week low of $21.43 and a fifty-two week high of $48.89. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 14.65 and a beta of 2.18.

Insider Activity at Protagonist Therapeutics

In other news, insider Arturo Md Molina sold 26,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $44.70, for a total value of $1,162,200.00. Following the transaction, the insider now owns 46,444 shares of the company’s stock, valued at approximately $2,076,046.80. This trade represents a 35.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.96, for a total transaction of $3,687,299.20. Following 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 trade represents a 15.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 209,863 shares of company stock worth $9,689,847 over the last 90 days. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in Protagonist Therapeutics by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 204,299 shares of the company’s stock worth $7,079,000 after buying an additional 17,065 shares during the last quarter. Cannon Global Investment Management LLC bought a new position in Protagonist Therapeutics during the 2nd quarter worth approximately $2,422,000. TD Asset Management Inc grew its holdings in Protagonist Therapeutics by 36.7% during the second quarter. TD Asset Management Inc now owns 148,302 shares of the company’s stock valued at $5,139,000 after purchasing an additional 39,850 shares during the period. Renaissance Technologies LLC grew its holdings in Protagonist Therapeutics by 813.4% during the second quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock valued at $10,307,000 after purchasing an additional 264,900 shares during the period. Finally, Seven Eight Capital LP increased its stake in Protagonist Therapeutics by 426.9% in the second quarter. Seven Eight Capital LP now owns 36,793 shares of the company’s stock valued at $1,275,000 after purchasing an additional 29,810 shares in the last quarter. 98.63% of the stock is currently 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.