Wedbush Reaffirms “Outperform” Rating for Protagonist Therapeutics (NASDAQ:PTGX)

Protagonist Therapeutics (NASDAQ:PTGX)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research note issued on Tuesday,RTT News reports. They currently have a $58.00 target price on the stock. Wedbush’s price target indicates a potential upside of 42.68% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. JMP Securities cut their price objective 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. StockNews.com upgraded Protagonist Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. HC Wainwright reissued a “buy” rating and set a $50.00 target price on shares of Protagonist Therapeutics in a research note on Tuesday. Finally, BTIG Research boosted their target price on Protagonist Therapeutics from $41.00 to $51.00 and gave the stock 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. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $53.57.

Protagonist Therapeutics Stock Up 5.2 %

NASDAQ:PTGX 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 company has a market capitalization of $2.42 billion, a P/E ratio of 15.28 and a beta of 2.17. The stock’s fifty day moving average is $45.43 and its two-hundred day moving average is $38.99.

Insider Transactions at Protagonist Therapeutics

In related news, CFO Asif Ali sold 14,203 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $44.49, for a total value of $631,891.47. Following the transaction, the chief financial officer now directly owns 34,960 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, insider Arturo Md Molina sold 1,906 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were 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 in the company, valued at $1,903,275.12. This trade represents a 3.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,109 shares of company stock worth $1,069,999 over the last quarter. 5.40% of the stock is currently owned by insiders.

Institutional Trading of Protagonist Therapeutics

Several large investors have recently modified their holdings of PTGX. Farallon Capital Management LLC grew its stake in Protagonist Therapeutics by 1.8% in the second 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 in the last quarter. RTW Investments LP grew its stake in Protagonist Therapeutics by 2.6% in the third quarter. RTW Investments LP now owns 5,426,112 shares of the company’s stock worth $244,175,000 after purchasing an additional 139,708 shares in the last quarter. Vanguard Group Inc. grew its stake in Protagonist Therapeutics by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,192,971 shares of the company’s stock worth $92,373,000 after purchasing an additional 39,055 shares in the last quarter. State Street Corp grew its stake in Protagonist Therapeutics by 52.9% in the third quarter. State Street Corp now owns 3,183,542 shares of the company’s stock worth $143,259,000 after purchasing an additional 1,101,218 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in Protagonist Therapeutics by 405,061.2% in the third quarter. Pacer Advisors Inc. now owns 1,734,090 shares of the company’s stock worth $78,034,000 after purchasing an additional 1,733,662 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.