# Protagonist Therapeutics, Inc. (PTGX)

> Source: Nexqual · https://nexqual.com/PTGX · data as of 2026-10-23 18:17 UTC · cite as "Nexqual, Protagonist Therapeutics, Inc. (PTGX), nexqual.com/PTGX" · informational, not investment advice.

**Price:** USD 138.21 (-0.95% today) · US market open, as of October 23, 2026 at 18:17 UTC; quotes may be delayed. Prev close 139.53 · day 135–139.32 · 52w 73.84–160.81 · market cap $8.94B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $282M, net income $82.9M (29.4% margin), free cash flow $131M (SEC filings).
- Valuation: P/E 107.9x (avg 9.1x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold PTGX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $58.0M; 3 not under a Rule 10b5-1 plan ($13.6M); 3 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.79 on a 1–5 scale) (14 analysts), mean target USD 178.57 (range 149–225).
- Total return with dividends: 1Y +86.8% vs S&P 500 +14.5%; 5Y +343.5% vs S&P 500 +77.2%.
- Next earnings: 2026-11-05, EPS estimate USD 2.66, revenue estimate $241M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.4M | $26.6M | $60.0M | $434M | $46.0M | $282M |
| Operating income | -$126M | -$131M | -$93.7M | $253M | -$158M | $58.3M |
| Net income | -$126M | -$127M | -$79.0M | $275M | -$130M | $82.9M |
| EPS (diluted) | -$2.71 | -$2.60 | -$1.39 | $4.23 | -$2.05 | — |
| Free cash flow | -$109M | -$109M | -$70.8M | $183M | $56.1M | $131M |
| Operating margin | -460.0% | -494.2% | -156.1% | 58.2% | -343.6% | 20.7% |
| Net margin | -458.9% | -479.3% | -131.6% | 63.3% | -282.8% | 29.4% |
| Revenue growth | -4.4% | -2.8% | +125.7% | +624.1% | -89.4% | — |
| Cash + short-term investments | $327M | $237M | $342M | $419M | $567M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 107.9x · P/S 31.7x · P/FCF 68.5x · P/B 10.6x · FCF yield 1.46% · Earnings yield 0.93%
P/E at fiscal year-ends: Dec 2024 9.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PTGX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.8M | Reduced -6.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Ali Asif | Chief Financial Officer | 58,629 | $8.3M | 49.8% | Yes (adopted June 30, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-08…2026-09-10 | Patel Dinesh V Ph D | President and CEO | 125,000 | $18.2M | 19.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10…2026-08-11 | Patel Dinesh V Ph D | President and CEO | 100,000 | $14.9M | 16% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-23 | Waddill William D. | Director | 9,000 | $1.1M | 53.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-10 | Waddill William D. | Director | 9,000 | $969K | 53.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Waddill William D. | Director | 9,000 | $897K | 53.5% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Patel Dinesh V Ph D | President and CEO | 75,000 | $7.5M | 12.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07…2026-05-08 | Giraudo Bryan | Director | 59,130 | $5.9M | 82.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Ali Asif | Chief Financial Officer | 1,750 | $185K | 2.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.79 on a 1–5 scale), 14 analysts; mean target USD 178.57 (low 149, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $155 → $160 |
| 2026-10-12 | UBS | Initiated | Buy | $184 |
| 2026-09-01 | Barclays | Target raised | Overweight | $153 → $180 |
| 2026-09-01 | BMO Capital | Target raised | Outperform | $178 → $190 |
| 2026-08-31 | Citigroup | Target raised | Buy | $175 → $182 |
| 2026-08-31 | HC Wainwright & Co. | Target raised | Buy | $167 → $170 |
| 2026-08-17 | BMO Capital | Target raised | Outperform | $112 → $178 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $145 → $170 |
| 2026-08-10 | Wedbush | Target raised | Outperform | $118 → $173 |
| 2026-08-10 | Goldman Sachs | Upgrade | Neutral → Buy | $110 → $186 |
| 2026-08-06 | Citigroup | Target raised | Buy | $130 → $175 |
| 2026-08-06 | Barclays | Target raised | Overweight | $151 → $153 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +86.8% | +343.5% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | +86.9% | +34.7% |
| Volatility (annualized) | 39.8% | 67.9% |
| Max drawdown | -18.8% (Aug 2026→Oct 2026) | -80.2% (Nov 2021→Jun 2022) |

## Peers (Biotechnology)
TWST (Twist Bioscience Corporation) USD 138.57 +2.29% · CAI (Caris Life Sciences, Inc.) USD 31.97 +0.80% · KYMR (Kymera Therapeutics, Inc.) USD 110.79 -0.05% · IBRX (ImmunityBio, Inc.) USD 8.24 -0.90% · CYTK (Cytokinetics, Incorporated) USD 61.37 -1.54% · SYRE (Spyre Therapeutics, Inc.) USD 90.36 -2.13%

## More
Full page: https://nexqual.com/PTGX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PTGX's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Takeda Pharmaceuticals | "We discovered rusfertide, advanced it into Phase 3 development, and in early 2024 entered into a co-development and co-commercialization arrangement with Takeda Pharmaceuticals, Inc. ("Takeda") under a license and collab…" |
| Partner | Johnson & Johnson (JNJ) | "Icotyde is licensed to Janssen Biotech, Inc., a Johnson & Johnson company ("JNJ"), under a license and collaboration agreement initially entered into in 2017." |
| Competitor | Eli Lilly (LLY) | "In psoriasis and PsA, competition will come from companies with approved injectable agents in the IL-17 and IL-12/23 pathway, including Cosentyx® (Novartis), Taltz® (Eli Lilly), Siliq® (Bausch Health), Tremfya® (Johnson …" |
| Competitor | AbbVie (ABBV) | "In psoriasis and PsA, competition will come from companies with approved injectable agents in the IL-17 and IL-12/23 pathway, including Cosentyx® (Novartis), Taltz® (Eli Lilly), Siliq® (Bausch Health), Tremfya® (Johnson …" |

Other companies that name PTGX in their own reports (relationship from PTGX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "We also signed a worldwide license and collaboration agreement with Protagonist Therapeutics for the development and commercialization of rusfertide, an investigational injectable hepcidin mimetic pep…" |
| partner | AGIOS PHARMACEUTICALS, INC. (AGIO) | 10-K 2026-02-12 | "Protagonist Therapeutics, Inc., or Protagonist, in collaboration with Takeda, Pharmaceutical Company Limited, or Takeda;" |

## Customer concentration

Period ended 2025-12-31: 100% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-08-05)

- "PN-881 (oral IL-17 antagonist peptide): Pharmacokinetic data from the Phase 1 study supports the decision to advance PN-881 into a comprehensive Phase 2 psoriasis program, with initiation expected in early Q1 2027. o PN-881 achieved 24-hour C trough levels significantly higher than prospectively targeted IC 90 (IL-17AA, IL-17FF, IL-17AA+FF) values with once-daily oral dosing 1 ·"
- "PN-458o (dual GLP/GIP agonist peptide): IND-enabling studies are ongoing with Phase 1 initiation anticipated in the second half of 2027. ·"
- "PN-8047 (oral small molecule hepcidin functional mimetic): IND-enabling studies are ongoing, with Phase 1 initiation anticipated in Q1 2027. ·"
- "We expect our research and development expenses to increase significantly in the second half of 2026 compared to the first half of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.66 | $2.36 | +12.6% | $241.3M | 12 |
| Next quarter (ends 2026-12-31) | $-0.50 | $-0.08 | +544.9% | $33.3M | 11 |
| Current fiscal year (ends 2026-12-31) | $4.77 | $4.47 | +6.7% | $549.0M | 13 |
| Next fiscal year (ends 2027-12-31) | $-0.10 | $-0.19 | -47.3% | $215.5M | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±9.9%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.9% | ±9.9% |
| 2026-12-18 | 56 | 41.7% | ±13.2% |
| 2027-01-15 | 84 | 39.1% | ±15.1% |
| 2027-04-16 | 175 | 39.3% | ±21.7% |