Protagonist Therapeutics (NASDAQ:PTGX) Shares Down 2.3% – Here’s Why

Shares of Protagonist Therapeutics, Inc. (NASDAQ:PTGX) were down 2.3% during trading on Tuesday . The company traded as low as $39.40 and last traded at $39.65. Approximately 69,921 shares changed hands during trading, a decline of 91% from the average daily volume of 745,951 shares. The stock had previously closed at $40.60.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PTGX. BMO Capital Markets started coverage on shares of Protagonist Therapeutics in a research note on Friday, December 6th. They set an “outperform” rating and a $62.00 price target on the stock. StockNews.com downgraded Protagonist Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th. TD Cowen upgraded Protagonist Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 25th. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Protagonist Therapeutics in a research note on Tuesday, December 10th. Finally, Truist Financial initiated coverage on Protagonist Therapeutics in a research note on Monday, September 9th. They set a “buy” rating and a $60.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Protagonist Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $53.78.

Protagonist Therapeutics Trading Down 3.2 %

The firm has a 50 day moving average of $43.74 and a 200-day moving average of $41.09. The company has a market cap of $2.34 billion, a P/E ratio of 14.77 and a beta of 2.18.

Insider Activity

In related news, insider Arturo Md Molina sold 26,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $44.70, for a total value of $1,162,200.00. Following the sale, the insider now directly owns 46,444 shares in the company, valued at approximately $2,076,046.80. The trade was a 35.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suneel Gupta sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $46.04, for a total value of $4,762,239.48. Following the transaction, the insider now owns 256,174 shares of the company’s stock, valued at $11,794,250.96. This represents a 28.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 209,863 shares of company stock worth $9,689,847 over the last quarter. Insiders own 5.40% of the company’s stock.

Institutional Trading of Protagonist Therapeutics

Hedge funds have recently modified their holdings of the company. Farallon Capital Management LLC increased its position 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 during the last quarter. RTW Investments LP grew its stake in shares of Protagonist Therapeutics by 2.6% in the 3rd quarter. RTW Investments LP now owns 5,426,112 shares of the company’s stock worth $244,175,000 after buying an additional 139,708 shares in the last quarter. State Street Corp grew its stake in shares of 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. Pacer Advisors Inc. increased its holdings in shares of 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 during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Protagonist Therapeutics by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,374,697 shares of the company’s stock valued at $61,873,000 after buying an additional 3,528 shares in the last quarter. 98.63% of the stock is owned by hedge funds and other institutional investors.

About Protagonist Therapeutics

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.