Connor Clark & Lunn Investment Management Ltd. Buys New Position in Protagonist Therapeutics, Inc. $PTGX

Connor Clark & Lunn Investment Management Ltd. bought a new position in Protagonist Therapeutics, Inc. (NASDAQ:PTGX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 29,161 shares of the company’s stock, valued at approximately $3,575,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. acquired a new position in shares of Protagonist Therapeutics during the 2nd quarter valued at $30,000. Allworth Financial LP acquired a new stake in Protagonist Therapeutics in the second quarter worth $31,000. Farther Finance Advisors LLC raised its holdings in shares of Protagonist Therapeutics by 110.6% during the fourth quarter. Farther Finance Advisors LLC now owns 297 shares of the company’s stock valued at $26,000 after purchasing an additional 156 shares during the period. Greenline Wealth Management LLC acquired a new position in shares of Protagonist Therapeutics during the fourth quarter valued at about $27,000. Finally, Quantbot Technologies LP bought a new position in shares of Protagonist Therapeutics during the 2nd quarter worth about $42,000. 98.63% of the stock is owned by institutional investors and hedge funds.

Protagonist Therapeutics Stock Down 3.5%

Shares of NASDAQ:PTGX opened at $144.33 on Friday. The business’s 50 day moving average is $138.51 and its 200 day moving average is $112.49. Protagonist Therapeutics, Inc. has a 12-month low of $54.50 and a 12-month high of $160.81. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 140.13 and a beta of 1.78.

Protagonist Therapeutics (NASDAQ:PTGX) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.27 by $0.02. Protagonist Therapeutics had a return on equity of 12.03% and a net margin of 29.40%.The business had revenue of $213.47 million during the quarter, compared to analyst estimates of $212.03 million. Protagonist Therapeutics’s revenue was up 3746.8% compared to the same quarter last year. As a group, equities research analysts expect that Protagonist Therapeutics, Inc. will post 4.22 earnings per share for the current year.

Analyst Ratings Changes

PTGX has been the subject of a number of research analyst reports. Weiss Ratings raised Protagonist Therapeutics from a “sell (d+)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. BMO Capital Markets boosted their price objective on Protagonist Therapeutics from $112.00 to $178.00 and gave the company an “outperform” rating in a report on Monday, August 17th. Wedbush upped their target price on Protagonist Therapeutics from $118.00 to $173.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. UBS Group upgraded shares of Protagonist Therapeutics to a “buy” rating in a research note on Monday, August 10th. Finally, Citigroup upped their price objective on shares of Protagonist Therapeutics from $130.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $140.53.

Insider Activity

In other Protagonist Therapeutics news, CEO Dinesh V. Ph D. Patel sold 34,239 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $148.52, for a total value of $5,085,176.28. Following the completion of the sale, the chief executive officer directly owned 523,478 shares of the company’s stock, valued at approximately $77,746,952.56. This represents a 6.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director William D. Waddill sold 9,000 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $117.94, for a total transaction of $1,061,460.00. Following the completion of the sale, the director owned 7,825 shares of the company’s stock, valued at approximately $922,880.50. This trade represents a 53.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 118,000 shares of company stock valued at $16,921,379. 5.19% of the stock is currently owned by corporate insiders.

Protagonist Therapeutics Profile

Protagonist Therapeutics, Inc (NASDAQ: PTGX) is a clinical-stage biopharmaceutical company focused on the development of novel, orally administered peptide-based therapies for immune-mediated and other serious diseases. The company leverages its proprietary Peptide 2.0 platform to design peptides that target G protein–coupled receptors and cytokine receptors, with the goal of combining the potency of biologics with the convenience of oral administration. Protagonist’s approach aims to address unmet medical needs in areas where injectable therapies have been the standard of care.

Among its lead programs is PTG-100, an oral α4β7 integrin antagonist intended to block leukocyte migration to the gut in ulcerative colitis and Crohn’s disease.