Protagonist Therapeutics CEO Sells Shares Totaling Over $204,000

On February 19th, 2023, Dinesh V. Ph D. Patel, the CEO of Protagonist Therapeutics, Inc. (NASDAQ:PTGX), executed a transaction involving the sale of 5,359 shares of the company’s stock. The shares were sold at an average price of $38.18 each, culminating in a total transaction value of $204,606.62. After this sale, the CEO retains direct ownership of 540,260 shares, which are now valued at approximately $20,627,126.80. This sale marks a decrease of about 0.98% in Patel’s total share count. The details of this transaction were officially disclosed through a filing with the Securities and Exchange Commission (SEC).

Protagonist Therapeutics Stock Performance

Following the stock sale, shares of Protagonist Therapeutics dropped by 0.1%, trading down $0.04 to hit $38.49 during the trading session on Thursday. A total of 618,655 shares changed hands, surpassing the average trading volume of 552,820 shares. The company’s 50-day and 200-day simple moving averages stand at $38.45 and $41.85, respectively. Over the past twelve months, Protagonist shares have seen a low of $24.22 and a high of $48.89, with a current market capitalization of $2.29 billion, a price-to-earnings (PE) ratio of 14.47, and a beta of 2.22.

Analyst Perspectives on PTGX

Several brokerage firms have recently updated their ratings and target prices for Protagonist Therapeutics. JPMorgan Chase & Co. raised their price target from $51.00 to $53.00 and maintained an "overweight" rating as of February 4th. HC Wainwright reiterated a "buy" rating with a $50.00 target price on February 7th. BMO Capital Markets initiated coverage with an "outperform" rating and a target of $62.00, while JMP Securities kept a "market outperform" rating with a price target of $58.00. Furthermore, The Goldman Sachs Group also began coverage, assigning a "neutral" rating and a $47.00 target. Overall, the consensus from analysts suggests a "Moderate Buy" with an average price target of about $56.00.

Institutional Trading Activity

Recent institutional activity has been notable for Protagonist Therapeutics. Exchange Traded Concepts LLC made a new investment during the third quarter worth around $43,000. FNY Investment Advisers LLC also bought into the company during the fourth quarter, investing approximately $38,000. Additionally, GF Fund Management CO. LTD. acquired a stake amounting to about $48,000 in the same period. CWM LLC notably increased its share count by 910.3% during the third quarter, now holding 1,273 shares valued at around $57,000 after acquiring 1,147 additional shares. Presently, around 98.63% of the company’s stock is owned by institutional investors and hedge funds.

About Protagonist Therapeutics

Protagonist Therapeutics, Inc. is a biopharmaceutical company focused on developing peptide-based drugs for various conditions, including blood disorders and inflammatory diseases. The company is actively working on several drug candidates, including Rusfertide (PTG-300), which has recently completed phase 2 clinical trials for the treatment of polycythemia vera and other hematological disorders. Another candidate, JNJ-2113, is an investigational oral medication that has finished phase 2b trials for treating moderate to severe plaque psoriasis. Additional developments include PN-943, also an oral alpha 4 beta 7 specific integrin antagonist that has passed through phase 2 trials aimed at patients with moderate to severe ulcerative colitis.

Considerations for Investors

Before making investment decisions regarding Protagonist Therapeutics, potential investors may want to consider reaching out to market analysts who track performance and provide insights into the biotech sector.

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