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

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $40.39, but opened at $38.27. Protagonist Therapeutics shares last traded at $35.33, with a volume of 371,785 shares.

Analyst Upgrades and Downgrades

PTGX has been the subject of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $58.00 target price on shares of Protagonist Therapeutics in a research note on Tuesday. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. TD Cowen raised shares of Protagonist Therapeutics to a “strong-buy” rating in a research 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. Finally, BTIG Research upped their price target on shares of Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $53.57.

Protagonist Therapeutics Stock Down 7.7 %

The stock has a 50 day moving average of $45.55 and a 200 day moving average of $38.90. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 14.64 and a beta of 2.17.

Insider Activity

In other news, CFO Asif Ali sold 14,203 shares of the firm’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 completion of the sale, the chief financial officer now owns 34,960 shares of the company’s stock, valued at $1,555,370.40. This trade represents a 28.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William D. Waddill sold 8,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the transaction, the director now owns 12,000 shares in the company, valued at approximately $540,000. The trade was a 40.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Protagonist Therapeutics by 749.2% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the company’s stock worth $25,000 after purchasing an additional 487 shares during the period. Exchange Traded Concepts LLC purchased a new position in Protagonist Therapeutics in the third quarter valued at about $43,000. Russell Investments Group Ltd. purchased a new stake in shares of Protagonist Therapeutics during the 1st quarter worth approximately $35,000. CWM LLC raised its holdings in shares of Protagonist Therapeutics by 910.3% in the 3rd quarter. CWM LLC now owns 1,273 shares of the company’s stock worth $57,000 after purchasing an additional 1,147 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Protagonist Therapeutics in the third quarter valued at $69,000. Hedge funds and other institutional investors 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.