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Protagonist Therapeutics, Inc. PTGX

Healthcare — Biotechnology

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Insider Decisions

Total sells
80.38
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell 1 1 — 6 2 4 1 3 2 — 1 1
Insider Ownership
7.15%

Capital & Financial Ratios

Market Cap
9,300.00
Revenue
281.99
Net Income
82.91
Free Cash Flow
130.58
Net Debt
(782.58)
Current Ratio
21.71
Debt/Equity
0.00
P/E ratio
117.21
P/S ratio
33.44
P/B ratio
11.20
Past 5Y EPS Growth
4.38%
This Y EPS Growth
327.82%
Next Y EPS Growth
(110.51%)
Next 5Y EPS Growth
7.91%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 341.62 418.91 567.36 782.58
Receivables 10.00 165.00 0.12 13.42
Inventory — — — —
Other — — — 3.37
355.58 591.64 577.57 807.15
2023 2024 2025 Q'26
Payables 0.78 1.62 5.34 3.46
ST’ Debt — — — —
Other — — — —
21.27 47.40 45.44 37.18
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 56.37 213.48 — —
—
’25 28.32 5.55 4.71 7.44
46.02
’24 254.95 4.17 4.68 170.64
434.43
’23 — — — —
60.00
’22 25.72 0.86 — —
26.58
’21 6.19 2.27 10.29 8.62
27.36
’20 3.65 6.22 13.11 5.65
28.63
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (48.94) 219.05 — —
—
’25 125.36 (28.78) (1.94) (36.97)
57.67
’24 (27.43) 268.62 (27.86) (29.18)
184.15
’23 (34.35) (26.24) (26.61) 16.96
(70.24)
’22 (37.67) (13.63) (25.20) (31.63)
(108.14)
’21 (28.76) (23.70) (28.47) (26.94)
(107.86)
’20 (15.85) (21.48) (16.29) (18.87)
(72.48)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (49.16) 218.88 — —
—
’25 124.82 (29.59) (2.02) (37.12)
56.08
’24 (27.67) 268.59 (28.64) (29.49)
182.80
’23 (34.36) (26.41) (27.01) 16.94
(70.84)
’22 (37.94) (13.92) (25.36) (31.70)
(108.93)
’21 (28.90) (24.20) (28.73) (27.13)
(108.97)
’20 (15.99) (21.61) (16.36) (18.99)
(72.95)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.05 2.29 — —
—
’25 (0.19) (0.55) (0.62) (0.69)
(2.05)
’24 3.26 (0.50) (0.54) 1.98
4.23
’23 (0.67) (0.68) (0.58) 0.44
(1.39)
’22 (0.43) (0.84) (0.64) (0.69)
(2.60)
’21 (0.54) (0.69) (0.70) (0.77)
(2.71)
’20 (0.72) (0.59) (0.21) (0.48)
(1.92)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.1
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ 6.91 10.62 21.43 33.70 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 37.05 30.10 48.89 96.54 — — —
High Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 105 112 126 132 — — —
Employees
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.25 0.54 3.45 0.35 — — —
Revenue/Emp
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.58 60.00 434.43 46.02 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 100.00% 100.00% 100.00% 100.00% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (127.39) (78.95) 279.41 (129.31) — — —
EBT
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (479.26%) (131.59%) 64.32% (281.01%) ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (127.39) (78.95) 275.19 (130.15) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.82 (1.26) (5.98) (4.35) — — —
Depreciation
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.54 1.06 7.06 0.72 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.60) (1.39) 4.47 (2.05) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.20) (1.24) 2.99 0.91 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.02) (0.01) (0.02) (0.02) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.22) (1.25) 2.97 0.88 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.40 5.93 10.97 9.67 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.04 56.76 61.57 63.57 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
— ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 8.62 0.00 ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡
PE Ratio
— ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.62 29.23 5.47 120.66 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 2.45 3.95 3.52 9.03 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
— ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.49 21.77 4.51 108.38 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.71) (13.97) 10.72 88.93 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (108.14) (70.24) 184.15 57.67 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.79) (0.61) (1.35) (1.59) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (108.93) (70.84) 182.80 56.08 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 211.90 334.30 544.24 532.13 — — —
Working Cap'
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.66 — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (233.70) (341.62) (418.91) (567.36) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 215.61 336.68 675.30 614.71 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (42.78%) (26.06%) 49.91% (18.42%) — — —
ROA
‡‡‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00% 0.00% 61.64% (208.75%) — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (49.41%) (28.59%) 54.39% (20.18%) — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Protagonist Therapeutics (PTGX) has ignited a biotech breakout, surging revenue 624% to $434 million in 2024 from partnerships like the Takeda deal on icotrokinra and Phase 3 wins for rusfertide in polycythemia vera. This flipped the script from chronic losses to $275 million net income, 100% gross margins, and positive free cash flow of $183 million, with revenue per employee exploding to $3.45 million amid modest headcount growth. ROE at 54% and a $419 million net cash fortress signal scalable innovation in IBD, anemia, and beyond, decoupling the stock from past volatility.

Shares rocketed from 2022’s $6.91 low to a 67% premium over 2024 highs by early 2026, backed by compressed valuations—PS at 5.5x, PE 8.6x, EV/Sales 4.5x—that scream opportunity. Insider selling (~$25M since March 2025) looks like profit-taking post-milestones, with hefty remaining stakes preserving alignment.

Analysts eye 31% upside on average, despite a bumpy 2025 revenue cliff normalizing to $50M before rebounding to $317M in 2026, fueled by NDA filings and readouts. In a $100B+ market, PTGX’s disruptive peptides and balance sheet strength position it for exponential returns—dive into the full analysis for the catalysts that could send it soaring.

Read full commentary →

Protagonist Therapeutics, Inc. (PTGX) Latest News

News by impact score

Fine-tune

8 Sep

3 , 4:05 PM
Protagonist Therapeutics, Inc. (PTGX) announces a $300 million share repurchase program. A $300 million share repurchase signals management confidence and may support stock price without altering core drug development operations.

6 Sep

4 , 8:55 AM
Protagonist Therapeutics swings to a profit as two drugs near blockbuster status. Profit swing and two drugs nearing blockbuster status point to major positive shifts in financial performance and growth outlook.

4 Sep

4 , 12:14 PM
MIMRYLO approval triggers $275M milestone payments to Protagonist Therapeutics (PTGX). The event prompts evaluation of royalty-based models as potentially superior for commercialization. MIMRYLO approval delivers $275M to Protagonist, materially strengthening finances and altering long-term trajectory.

1 Sep

4 , 7:07 PM
Protagonist Therapeutics (PTGX) stock may be overvalued after FDA approval news. FDA approval is a major regulatory event that can significantly shift PTGX trajectory and investor sentiment.

4 , 8:14 AM
FDA approves MIMRYLO for Protagonist Therapeutics while Takeda milestones advance, potentially shifting the bull case and company trajectory. FDA approval of MIMRYLO combined with Takeda milestones constitutes major regulatory and partnership progress that can significantly alter company trajectory.

4 , 1:05 AM
Protagonist Therapeutics (PTGX) draws market focus after FDA approval of MIMRYLO. FDA approval of MIMRYLO marks a major regulatory success that can drive revenue growth and shift company trajectory.

3 , 4:13 AM
PTGX shares could be 63% below fair value after the company's investor update call. Investor update call highlights significant undervaluation that can shift near-term market sentiment.

31 Aug

5 www.marketbeat.com, 2:02 PM
Protagonist Therapeutics wins FDA approval for MIMRYLO to treat rare blood cancer. FDA approval of MIMRYLO enables major revenue growth and market leadership in rare blood cancer therapies.

4 www.biopharmadive.com, 8:13 AM
FDA approves drug from Takeda and Protagonist Therapeutics for rare blood cancer. FDA approval of the rare blood cancer drug is a major regulatory win expected to drive significant revenue growth and revalue PTGX shares.

28 Aug

5 , 8:30 PM
Protagonist Therapeutics obtains U.S. FDA approval for MIMRYLO (rusfertide), a hepcidin mimetic peptide, for treating Polycythemia Vera. FDA approval of rusfertide opens major revenue streams and fundamentally strengthens Protagonist Therapeutics market position in Polycythemia Vera.

7 Aug

3 , 12:20 PM
Surging earnings estimates point to potential stock gains for Protagonist Therapeutics (PTGX). Rising earnings forecasts can lift near-term investor sentiment and share price for PTGX.

5 Aug

3 , 4:05 PM
Protagonist Therapeutics reported second quarter 2026 financial results and provided a corporate update. Quarterly results and updates may affect near-term sentiment but rarely shift long-term trajectory.

9 Jul

4 , 10:14 AM
Protagonist Therapeutics launches Icotyde and reviews Rusfertide, appearing undervalued at current levels. Icotyde launch and Rusfertide review represent major product developments that can significantly alter company trajectory.

3 , 12:10 PM
Protagonist Therapeutics stock remains overvalued despite FDA Priority Review designation for its candidate therapy. FDA Priority Review offers faster approval path yet valuation concerns limit fundamental upside.

8 Jul

4 , 12:18 PM
Protagonist Therapeutics (PTGX) stock rose 12.5% on focus surrounding Rusfertide priority review, leaving open whether the bull case has shifted. Rusfertide priority review focus triggers major stock gains and potential long-term trajectory shift for Protagonist Therapeutics.

2 Jul

3 www.barchart.com, 10:15 AM
Wall Street overvalues Protagonist Therapeutics stock despite weak clinical prospects, high cash burn and limited pipeline differentiation that leave shares vulnerable to sharp downside. Bearish analysis may cool near-term sentiment and exert modest downward pressure on PTGX shares without altering core fundamentals.

1 Jun

3 ACCESS Newswire, 7:05 AM
Protagonist Therapeutics will present Phase 3 VERIFY study results along with long-term Rusfertide data at the 2026 European Hematology Association Congress. Announcement of upcoming Phase 3 data presentation at a major medical congress can moderately affect near-term sentiment and valuation for a clinical-stage biotech.

11 May

4 Simply Wall St., 9:05 AM
Analyst forecasts for Protagonist Therapeutics, Inc. (NASDAQ:PTGX) are surging higher. Surging analyst forecasts boost investor sentiment and could significantly alter PTGX's market trajectory.

8 May

4 Simply Wall St., 8:25 AM
Protagonist Therapeutics, Inc. (PTGX) surprised analysts by reporting a profit, prompting them to boost EPS forecasts. Surprise profit and analyst-upgraded EPS forecasts signal major positive shift in financial outlook and investor sentiment.

5 May

3 ACCESS Newswire, 4:05 PM
Protagonist Therapeutics, Inc. (PTGX) reported first quarter 2026 financial results and provided a corporate update. Quarterly financial results and corporate update influence financial performance and investor sentiment moderately.

28 Apr

4 , 9:05 AM
Protagonist Therapeutics, Inc. (PTGX) exercised its U.S. opt-out right for rusfertide under the collaboration agreement with Takeda. Exercising the U.S. opt-out right for rusfertide fundamentally shifts Protagonist's strategic focus, pipeline priorities, and partnership dynamics with Takeda.

13 Apr

3 Zacks, 9:28 AM
Eli Lilly's growth-focused 2026 investments clash with Johnson & Johnson's stability strategy in a high-stakes face-off impacting Protagonist Therapeutics (PTGX) future prospects. Lilly and J&J's contrasting 2026 investment approaches could moderately influence PTGX's competitive landscape and market sentiment.

3 Apr

4 Insider Monkey, 2:02 PM
Takeda receives FDA Priority Review for rusfertide, Protagonist Therapeutics' (PTGX) investigational therapy for polycythemia vera (PV), shortening the review timeline to six months. FDA Priority Review accelerates approval path for PTGX's lead asset rusfertide partnered with Takeda, enhancing revenue potential via milestones and royalties.

28 Mar

4 ACCESS Newswire, 10:05 AM
Protagonist Therapeutics announces presentation of one-year Phase 3 data for ICOTYDE™ in moderate-to-severe plaque psoriasis at the 2026 American Academy of Dermatology Annual Meeting. Presentation of late-stage Phase 3 data for lead psoriasis candidate at major dermatology conference signals potential approval pathway and major valuation uplift for PTGX.

27 Mar

4 Zacks, 9:11 AM
Johnson & Johnson's Innovative Medicine unit confronts Stelara's 2025 loss of exclusivity, risking major revenue drop, but promising pipeline including Protagonist Therapeutics' (PTGX) partnered drugs like rusfertide and vebicorat offers potential to drive growth and offset the impact. PTGX's drugs are highlighted as key to J&J's post-Stelara growth strategy, signaling major positive shift in PTGX's partnership value and market trajectory.

3 Insider Monkey, 10:19 AM
Protagonist Therapeutics (PTGX) derisked drugs are evaluated for blockbuster potential amid reduced clinical risks and promising efficacy data. Speculation on derisked drugs' blockbuster potential moderately influences investor sentiment and PTGX competitive positioning.

26 Mar

4 Zacks, 9:02 AM
Johnson & Johnson's pipeline surge positions Protagonist Therapeutics for stronger growth from new partnered drugs in 2026. J&J's pipeline advancements directly elevate PTGX's partnered drug prospects and market trajectory starting 2026.

21 Mar

5 www.marketbeat.com, 6:07 PM
Protagonist Therapeutics (PTGX) stock soars after FDA approves ICOTYDE for plaque psoriasis, triggering a $50 million milestone payment. FDA approval of ICOTYDE for plaque psoriasis delivers $50M milestone payment and catapults PTGX stock, redefining its competitive position in dermatology.

4 www.fool.com, 7:39 PM
A new $193 million investment targets Protagonist Therapeutics, Inc. (PTGX), a biotech with $689 million in revenue and a potential turnaround story. $193 million bet underscores investor confidence in PTGX's turnaround, likely driving significant positive shifts in market performance and trajectory.

4 www.fool.com, 7:33 PM
Protagonist Therapeutics (PTGX) stock has surged 360% alongside a $116 million buy, signaling strong investor conviction in an upcoming key drug launch. A $116 million buy during a 360% stock run signals major investor confidence in PTGX's key drug launch, poised to significantly impact future performance and sentiment.
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