Protagonist Therapeutics (NASDAQ:PTGX) Shares Down 2.3% – Here’s What Happened

Shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX) dropped 2.3% during mid-day trading on Tuesday . The stock traded as low as $39.40 and last traded at $39.65. Approximately 69,921 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 745,951 shares. The stock had previously closed at $40.60.

Analysts Set New Price Targets

PTGX has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and set a $58.00 target price on shares of Protagonist Therapeutics in a report on Tuesday, November 19th. The Goldman Sachs Group assumed coverage on shares of Protagonist Therapeutics in a research note on Friday, December 6th. They issued a “neutral” rating and a $47.00 price objective for the company. TD Cowen upgraded shares of Protagonist Therapeutics to a “strong-buy” rating in a report on Wednesday, September 25th. HC Wainwright restated a “buy” rating and issued a $50.00 price target on shares of Protagonist Therapeutics in a research note on Tuesday, December 10th. Finally, Truist Financial initiated 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. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.78.

Protagonist Therapeutics Stock Performance

The stock has a market capitalization of $2.33 billion, a PE ratio of 14.68 and a beta of 2.18. The business’s 50-day moving average is $44.02 and its two-hundred day moving average is $41.01.

Insider Activity at Protagonist Therapeutics

In related news, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Arturo Md Molina sold 1,906 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $40.98, for a total transaction of $78,107.88. Following the transaction, the insider now owns 46,444 shares in the company, valued at $1,903,275.12. The trade was a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 209,863 shares of company stock worth $9,689,847 over the last 90 days. Company insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Protagonist Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. increased its stake in shares of Protagonist Therapeutics by 405,061.2% during the 3rd quarter. Pacer Advisors Inc. now owns 1,734,090 shares of the company’s stock worth $78,034,000 after purchasing an additional 1,733,662 shares in the last quarter. State Street Corp raised its holdings in shares of Protagonist Therapeutics by 52.9% in the third quarter. State Street Corp now owns 3,183,542 shares of the company’s stock worth $143,259,000 after acquiring an additional 1,101,218 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Protagonist Therapeutics by 2,135.6% during the second quarter. Millennium Management LLC now owns 958,283 shares of the company’s stock valued at $33,205,000 after acquiring an additional 915,418 shares during the last quarter. Principal Financial Group Inc. increased its position in Protagonist Therapeutics by 3,099.4% during 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, Perceptive Advisors LLC raised its stake in Protagonist Therapeutics by 27.6% in the 2nd quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company’s stock valued at $43,962,000 after purchasing an additional 274,412 shares during the last quarter. Institutional investors and hedge funds own 98.63% of the company’s stock.

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.