Protagonist Therapeutics (NASDAQ:PTGX) Stock Price Down 5.4% – Here’s What Happened

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) was down 5.4% on Tuesday . The stock traded as low as $44.01 and last traded at $44.25. Approximately 415,671 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 733,520 shares. The stock had previously closed at $46.76.

Analyst Upgrades and Downgrades

PTGX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Protagonist Therapeutics from $39.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Wedbush reissued an “outperform” rating and issued a $58.00 price objective on shares of Protagonist Therapeutics in a research note on Monday. 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 initiated coverage on shares of Protagonist Therapeutics in a research report on Monday, September 9th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, BTIG Research lifted 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 and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $53.57.

Protagonist Therapeutics Trading Down 1.8 %

The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 17.85 and a beta of 2.17. The business has a 50-day moving average price of $45.19 and a two-hundred day moving average price of $37.60.

Protagonist Therapeutics (NASDAQ:PTGX) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.50) earnings per share for the quarter, meeting the consensus estimate of ($0.50). The firm had revenue of $4.17 million during the quarter, compared to analyst estimates of $40.00 million. On average, equities research analysts predict that Protagonist Therapeutics, Inc. will post 2.32 earnings per share for the current fiscal year.

Insider Activity at Protagonist Therapeutics

In related news, CFO Asif Ali sold 14,203 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $44.49, for a total value of $631,891.47. Following the completion of the sale, the chief financial officer now directly owns 34,960 shares of the company’s stock, valued at approximately $1,555,370.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 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 transaction of $631,891.47. Following the transaction, the chief financial officer now owns 34,960 shares in the company, valued at approximately $1,555,370.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William D. Waddill sold 8,000 shares of the stock in a transaction 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 transaction, the director now owns 12,000 shares of the company’s stock, valued at $540,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Protagonist Therapeutics

A number of large investors have recently modified their holdings of the stock. Farallon Capital Management LLC increased its position in shares of Protagonist Therapeutics by 1.8% during the 2nd quarter. Farallon Capital Management LLC now owns 5,840,773 shares of the company’s stock worth $202,383,000 after purchasing an additional 101,800 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Protagonist Therapeutics by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 3,192,971 shares of the company’s stock worth $92,373,000 after acquiring an additional 39,055 shares during the last quarter. Perceptive Advisors LLC increased its holdings in shares of Protagonist Therapeutics by 27.6% in 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 during the last quarter. Millennium Management LLC increased its holdings 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 worth $33,205,000 after purchasing an additional 915,418 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Protagonist Therapeutics by 813.4% in the second quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock valued at $10,307,000 after buying an additional 264,900 shares in the last quarter. 98.63% of the stock is currently owned by institutional investors and hedge funds.

Protagonist Therapeutics Company Profile

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.