NEWARK, CA - Protagonist Therapeutics, Inc. (NASDAQ:PTGX) reported a significant stock transaction involving director William D. Waddill, according to a recent SEC filing. Waddill engaged in both acquisition and disposition of the company's common stock on June 7, 2024.
The filing indicated that Waddill purchased 8,000 shares of Protagonist Therapeutics common stock at a price of $12.88 per share, totaling approximately $103,040. On the same day, he sold an equal number of shares at a price of $35.00 each, resulting in a total sale value of $280,000. The sale was conducted under a Rule 10b5-1 trading plan, which Waddill had adopted on November 10, 2023.
In addition to these transactions, Waddill exercised options to acquire another 8,000 shares of common stock. These stock options were fully vested, as noted in the footnotes of the SEC filing.
Following these transactions, Waddill's ownership in Protagonist Therapeutics stands at 12,000 shares of common stock. The company, headquartered in Newark, California, specializes in pharmaceutical preparations and operates under the industrial classification of pharmaceutical preparations.
Investors and market watchers often scrutinize such filings for insights into executive confidence and company performance. The trades by a company director can be seen as a routine part of personal financial management but are required to be disclosed to the public to ensure transparency.
In other recent news, JPMorgan (NYSE:JPM) has revised its target for Protagonist Therapeutics, raising it to $39 from the previous $37, while maintaining an Overweight rating on the stock. This adjustment comes in the wake of a recent discussion with the CEO of Protagonist, shedding light on the company's ongoing collaboration with Johnson & Johnson on the JNJ-2113 program. The program's studies are enrolling participants faster than initially expected, highlighting the product's potential. The Phase 2b ANTHEM-UC trial is now projected to complete by the fourth quarter of 2024, moved up from May 2025.
Protagonist's CEO has expressed confidence in JNJ-2113's prospects, particularly for treating ulcerative colitis, suggesting it could become a leading oral agent for the condition. If the ANTHEM trial yields positive results, the inflammatory bowel disease program may rapidly progress to a Phase 2b/3 trial in Crohn's disease. Furthermore, Protagonist's financial projections foresee risk-adjusted peak royalty revenues of approximately $600 million by 2037.
JPMorgan anticipates increased investor attention as Protagonist approaches significant milestones and potential royalty streams from JNJ-2113 and rusfertide. The firm also recognizes potential upside from the company's early-stage pipeline, which includes treatments targeting IL-17 and heme. Adjustments in the firm's model reflect changes in the timing of potential milestone payments and an increased probability of success for the ulcerative colitis program from 30% to 40%.
InvestingPro Insights
Amidst the recent stock transactions by director William D. Waddill, Protagonist Therapeutics (NASDAQ:PTGX) showcases a robust financial position. An InvestingPro Tip points out that the company holds more cash than debt on its balance sheet, which could signal financial stability and potential for reinvestment or growth. Additionally, analysts are optimistic about the company's future, expecting net income and sales to grow in the current year.
From a performance standpoint, Protagonist Therapeutics has demonstrated a strong return over the last week, with a 13.17% price total return, reflecting positive market sentiment. This is further underscored by the company's impressive year-to-date price total return of 44.66%, as of the latest data from InvestingPro.
The financial metrics from InvestingPro Data reveal a company with a substantial market capitalization of $1.99 billion USD and a P/E ratio of 12.4, which adjusts slightly to 12.28 when looking at the last twelve months as of Q1 2024. The revenue growth during this period is particularly striking, with an increase of 36,565.08%, indicating a period of significant expansion for Protagonist Therapeutics.
For readers interested in a deeper analysis and additional insights, there are more InvestingPro Tips available, which can help investors make informed decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to these valuable tips. For Protagonist Therapeutics, there are 12 additional InvestingPro Tips listed, including expectations of profitability this year and the company's strong return over the last five years.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.