Wedbush Reiterates Outperform Rating for Protagonist Therapeutics (NASDAQ:PTGX)

Protagonist Therapeutics (NASDAQ:PTGX)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research note issued to investors on Tuesday,RTT News reports. They presently have a $58.00 target price on the stock. Wedbush’s target price suggests a potential upside of 48.95% from the company’s current price.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on Protagonist Therapeutics from $39.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Protagonist Therapeutics in a report on Tuesday. JMP Securities reduced their price objective on Protagonist Therapeutics from $45.00 to $43.00 and set a “market outperform” rating for the company in a research report on Wednesday, August 7th. StockNews.com raised Protagonist Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. 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 target for the company. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $53.57.

Protagonist Therapeutics Price Performance

NASDAQ PTGX traded down $1.45 during mid-day trading on Tuesday, reaching $38.94. The stock had a trading volume of 1,677,104 shares, compared to its average volume of 738,287. The company has a fifty day moving average price of $45.55 and a 200 day moving average price of $38.90. Protagonist Therapeutics has a 1 year low of $16.63 and a 1 year high of $48.89. The stock has a market cap of $2.32 billion, a PE ratio of 14.64 and a beta of 2.17.

Insiders Place Their Bets

In other Protagonist Therapeutics news, Director William D. Waddill sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $45.00, for a total transaction of $360,000.00. Following the sale, the director now directly owns 12,000 shares of the company’s stock, valued at $540,000. This trade represents a 40.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Asif Ali sold 14,203 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,555,370.40. The trade was a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.40% of the company’s stock.

Institutional Trading of Protagonist Therapeutics

Several institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in Protagonist Therapeutics by 749.2% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the company’s stock worth $25,000 after purchasing an additional 487 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Protagonist Therapeutics in the first quarter worth $35,000. Exchange Traded Concepts LLC bought a new position in shares of Protagonist Therapeutics during the 3rd quarter valued at about $43,000. CWM LLC increased its stake in Protagonist Therapeutics by 910.3% in the 3rd quarter. CWM LLC now owns 1,273 shares of the company’s stock worth $57,000 after acquiring an additional 1,147 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Protagonist Therapeutics in the first quarter worth $69,000. 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.