Protagonist Therapeutics (NASDAQ:PTGX) Shares Gap Up – Here’s What Happened

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $41.65, but opened at $43.30. Protagonist Therapeutics shares last traded at $44.70, with a volume of 89,667 shares changing hands.

Analyst Upgrades and Downgrades

PTGX has been the topic of several recent research reports. TD Cowen upgraded Protagonist Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 25th. HC Wainwright restated a “buy” rating and set a $50.00 price target on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. StockNews.com upgraded Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. JMP Securities reduced 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. Finally, Truist Financial started 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. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Protagonist Therapeutics presently has an average rating of “Buy” and a consensus target price of $53.57.

Protagonist Therapeutics Trading Up 11.5 %

The firm has a fifty day simple moving average of $45.25 and a two-hundred day simple moving average of $39.16. The firm has a market cap of $2.77 billion, a PE ratio of 17.47 and a beta of 2.17.

Insiders Place Their Bets

In other news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 12,000 shares in the company, valued at $540,000. This trade represents a 40.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Asif Ali sold 14,203 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were 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 approximately $1,555,370.40. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,109 shares of company stock worth $1,069,999. 5.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Protagonist Therapeutics in the 3rd quarter worth $909,000. Geode Capital Management LLC increased its holdings in shares of 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 purchasing an additional 3,528 shares in the last quarter. Barclays PLC increased its holdings in shares of 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 purchasing an additional 87,755 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Protagonist Therapeutics in the 3rd quarter worth $666,000. Finally, Wellington Management Group LLP bought a new stake in shares of Protagonist Therapeutics in the 3rd quarter worth $1,354,000. 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.