BMO Capital Markets Begins Coverage on Protagonist Therapeutics (NASDAQ:PTGX)

Investment analysts at BMO Capital Markets assumed coverage on shares of Protagonist Therapeutics (NASDAQ:PTGX) in a research note issued on Friday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $62.00 price target on the stock. BMO Capital Markets’ target price points to a potential upside of 47.41% from the company’s current price.

A number of other research firms also recently weighed in on PTGX. TD Cowen raised Protagonist Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $50.00 target price on shares of Protagonist Therapeutics in a report on Tuesday, November 19th. StockNews.com upgraded shares of Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Truist Financial initiated coverage on shares of Protagonist Therapeutics in a research note on Monday, September 9th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and set a $58.00 target price on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $53.78.

Protagonist Therapeutics Stock Up 0.9 %

Shares of NASDAQ PTGX opened at $42.06 on Friday. The firm has a market cap of $2.51 billion, a PE ratio of 15.81 and a beta of 2.18. The company’s fifty day simple moving average is $44.76 and its 200 day simple moving average is $40.19. Protagonist Therapeutics has a 12-month low of $19.00 and a 12-month high of $48.89.

Insider Activity

In related news, 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 sale, the insider now owns 46,444 shares of the company’s stock, valued at approximately $1,903,275.12. This trade represents a 3.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dinesh V. Ph D. Patel sold 78,520 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $46.96, for a total transaction of $3,687,299.20. Following the sale, the chief executive officer now owns 435,208 shares in the company, valued at $20,437,367.68. The trade was a 15.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,066 shares of company stock valued at $10,681,738 over the last three months. Corporate insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PTGX. Franklin Resources Inc. grew its stake in Protagonist Therapeutics by 127.2% during the third quarter. Franklin Resources Inc. now owns 81,591 shares of the company’s stock valued at $3,782,000 after acquiring an additional 45,674 shares in the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in Protagonist Therapeutics during the third quarter worth about $909,000. Geode Capital Management LLC increased its stake in Protagonist Therapeutics by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company’s stock worth $61,873,000 after acquiring an additional 3,528 shares during the last quarter. Barclays PLC increased its stake in Protagonist Therapeutics by 223.6% in the 3rd quarter. Barclays PLC now owns 126,995 shares of the company’s stock worth $5,714,000 after acquiring an additional 87,755 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Protagonist Therapeutics in the 3rd quarter valued at about $666,000. 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.