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

Protagonist Therapeutics (NASDAQ:PTGX) was upgraded by equities research analysts at TD Cowen to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports.

Other research analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Truist Financial began coverage on shares of Protagonist Therapeutics in a report on Monday, September 9th. They issued a “buy” rating and a $60.00 price target on the stock. HC Wainwright lifted their price objective on shares of Protagonist Therapeutics from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. upped their target price on shares of Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, BTIG Research raised their price target on Protagonist Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Protagonist Therapeutics presently has an average rating of “Buy” and a consensus target price of $49.86.

Protagonist Therapeutics Trading Down 2.6 %

Shares of Protagonist Therapeutics stock opened at $44.93 on Wednesday. The company’s 50-day moving average price is $41.40 and its 200-day moving average price is $34.05. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 18.41 and a beta of 2.17. Protagonist Therapeutics has a 12-month low of $13.72 and a 12-month high of $48.00.

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, hitting the consensus estimate of ($0.50). The firm had revenue of $4.17 million during the quarter, compared to analysts’ expectations of $40.00 million. On average, sell-side analysts predict that Protagonist Therapeutics will post 2.31 earnings per share for the current year.

Insider Buying and Selling at Protagonist Therapeutics

In other Protagonist Therapeutics news, CFO Asif Ali sold 14,203 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $44.49, for a total value of $631,891.47. Following the transaction, the chief financial officer now owns 34,960 shares in the company, valued at $1,555,370.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Protagonist Therapeutics news, Director William D. Waddill sold 8,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $45.00, for a total transaction of $360,000.00. Following the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $540,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Asif Ali sold 14,203 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $44.49, for a total transaction of $631,891.47. Following the completion of the transaction, the chief financial officer now owns 34,960 shares of the company’s stock, valued at $1,555,370.40. The disclosure for this sale can be found here. Insiders sold 30,203 shares of company stock valued at $1,311,891 in the last quarter. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Protagonist Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new stake in Protagonist Therapeutics during the 2nd quarter valued at approximately $153,000. Cubist Systematic Strategies LLC lifted its stake in shares of Protagonist Therapeutics by 1,304.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 84,202 shares of the company’s stock valued at $2,918,000 after purchasing an additional 78,207 shares during the period. Perceptive Advisors LLC boosted its position in shares of Protagonist Therapeutics by 27.6% during the second 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 in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Protagonist Therapeutics in the second quarter worth $5,467,000. Finally, Algert Global LLC raised its holdings in Protagonist Therapeutics by 2.9% in the second quarter. Algert Global LLC now owns 152,079 shares of the company’s stock worth $5,270,000 after purchasing an additional 4,236 shares in the last quarter. 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.