Protagonist Therapeutics (NASDAQ:PTGX) Coverage Initiated at Truist Financial

Truist Financial assumed coverage on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a research note issued on Monday, Briefing.com reports. The firm set a “buy” rating and a $60.00 price target on the stock. Truist Financial’s target price suggests a potential upside of 44.58% from the stock’s current price.

PTGX has been the subject of several other research reports. JPMorgan Chase & Co. upped their price objective on shares of Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. HC Wainwright raised their target price on Protagonist Therapeutics from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. JMP Securities lowered their target price on Protagonist Therapeutics from $45.00 to $43.00 and set a “market outperform” rating on the stock in a report on Wednesday, August 7th. Finally, BTIG Research raised their price objective on Protagonist Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $45.67.

Protagonist Therapeutics Stock Performance

Protagonist Therapeutics stock opened at $41.50 on Monday. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 17.01 and a beta of 2.17. Protagonist Therapeutics has a 1 year low of $13.72 and a 1 year high of $43.76. The firm has a 50 day moving average price of $38.68 and a 200 day moving average price of $32.66.

Protagonist Therapeutics (NASDAQ:PTGX) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.50). The company had revenue of $4.17 million during the quarter, compared to the consensus estimate of $40.00 million. Sell-side analysts predict that Protagonist Therapeutics will post 2.07 EPS for the current year.

Insider Buying and Selling

In related news, Director William D. Waddill sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $40.00, for a total transaction of $320,000.00. Following the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $480,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.40% of the stock is owned by insiders.

Institutional Trading of Protagonist Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC boosted its stake in Protagonist Therapeutics by 1.8% in the 2nd 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. Vanguard Group Inc. boosted its stake in Protagonist Therapeutics by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,192,971 shares of the company’s stock valued at $92,373,000 after purchasing an additional 39,055 shares during the period. Kynam Capital Management LP boosted its stake in Protagonist Therapeutics by 10.2% in the 4th quarter. Kynam Capital Management LP now owns 2,004,875 shares of the company’s stock valued at $45,972,000 after purchasing an additional 186,218 shares during the period. Perceptive Advisors LLC boosted 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 period. Finally, Millennium Management LLC boosted its stake in Protagonist Therapeutics by 2,135.6% in the 2nd quarter. Millennium Management LLC now owns 958,283 shares of the company’s stock valued at $33,205,000 after purchasing an additional 915,418 shares during the period. 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.