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

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)’s share price gapped up prior to trading 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 research analyst reports. HC Wainwright restated a “buy” rating and issued a $50.00 price objective on shares of Protagonist Therapeutics in a research report on Tuesday, November 19th. TD Cowen upgraded Protagonist Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 25th. Truist Financial began coverage on Protagonist Therapeutics in a research report on Monday, September 9th. They issued a “buy” rating and a $60.00 target price on the stock. StockNews.com upgraded Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Finally, JMP Securities decreased their target price 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $53.57.

Protagonist Therapeutics Stock Up 11.5 %

The company has a 50 day simple moving average of $45.25 and a two-hundred day simple moving average of $39.16. The company has a market capitalization of $2.77 billion, a P/E ratio of 17.47 and a beta of 2.17.

Insiders Place Their Bets

In other news, insider Arturo Md Molina sold 1,906 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $40.98, for a total transaction of $78,107.88. Following the transaction, the insider now owns 46,444 shares of the company’s stock, valued at approximately $1,903,275.12. This represents a 3.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Asif Ali sold 14,203 shares of the company’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 transaction, the chief financial officer now directly owns 34,960 shares in the company, valued at approximately $1,555,370.40. This represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,109 shares of company stock valued at $1,069,999 over the last ninety days. 5.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Protagonist Therapeutics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,130 shares of the company’s stock worth $95,000 after purchasing an additional 379 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Protagonist Therapeutics by 749.2% during the third quarter. GAMMA Investing LLC now owns 552 shares of the company’s stock worth $25,000 after buying an additional 487 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Protagonist Therapeutics during the 3rd quarter valued at $43,000. CWM LLC lifted its holdings in shares of Protagonist Therapeutics by 910.3% during the 3rd quarter. CWM LLC now owns 1,273 shares of the company’s stock valued at $57,000 after purchasing an additional 1,147 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Protagonist Therapeutics during the 1st quarter valued at $35,000. 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.