HC Wainwright Reaffirms Buy Rating for Protagonist Therapeutics (NASDAQ:PTGX)

Protagonist Therapeutics (NASDAQ:PTGX)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $50.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 23.00% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. TD Cowen upgraded Protagonist Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 25th. BTIG Research upped 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. StockNews.com upgraded Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Truist Financial began coverage on Protagonist Therapeutics in a research report on Monday, September 9th. They set a “buy” rating and a $60.00 price target on the stock. Finally, JMP Securities decreased their price target on Protagonist Therapeutics from $45.00 to $43.00 and set a “market outperform” rating on the stock in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $53.57.

Protagonist Therapeutics Stock Performance

Shares of Protagonist Therapeutics stock opened at $40.65 on Tuesday. Protagonist Therapeutics has a 52-week low of $16.80 and a 52-week high of $48.89. The stock’s 50-day simple moving average is $45.43 and its 200 day simple moving average is $38.99. The stock has a market capitalization of $2.42 billion, a P/E ratio of 15.28 and a beta of 2.17.

Insider Activity at Protagonist Therapeutics

In other news, CFO Asif Ali sold 14,203 shares of Protagonist Therapeutics 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 transaction, the chief financial officer now owns 34,960 shares of the company’s stock, valued at $1,555,370.40. The trade was a 28.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arturo Md Molina sold 1,906 shares of Protagonist Therapeutics stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $40.98, for a total value of $78,107.88. Following the completion of the transaction, the insider now directly owns 46,444 shares of the company’s stock, valued at approximately $1,903,275.12. This represents a 3.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,109 shares of company stock worth $1,069,999 over the last quarter. 5.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Protagonist Therapeutics

Several large investors have recently modified their holdings of PTGX. Pacer Advisors Inc. increased its holdings in Protagonist Therapeutics by 405,061.2% in the 3rd quarter. Pacer Advisors Inc. now owns 1,734,090 shares of the company’s stock worth $78,034,000 after buying an additional 1,733,662 shares in the last quarter. State Street Corp increased its holdings in Protagonist Therapeutics by 52.9% in the 3rd quarter. State Street Corp now owns 3,183,542 shares of the company’s stock worth $143,259,000 after buying an additional 1,101,218 shares in the last quarter. Millennium Management LLC increased its holdings in Protagonist Therapeutics by 2,135.6% in the 2nd quarter. Millennium Management LLC now owns 958,283 shares of the company’s stock worth $33,205,000 after buying an additional 915,418 shares in the last quarter. Perceptive Advisors LLC increased its holdings in Protagonist Therapeutics by 27.6% in the 2nd quarter. Perceptive Advisors LLC now owns 1,268,735 shares of the company’s stock worth $43,962,000 after buying an additional 274,412 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Protagonist Therapeutics by 813.4% during the 2nd quarter. Renaissance Technologies LLC now owns 297,467 shares of the company’s stock valued at $10,307,000 after purchasing an additional 264,900 shares during the period. Hedge funds and other institutional investors own 98.63% of the company’s stock.

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.