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In a recent transaction at Protagonist Therapeutics, Inc. (NASDAQ:PTGX), a $2.3 billion biotech company with excellent financial health according to InvestingPro analysis, President and CEO, Dinesh V. Patel, sold 5,359 shares of common stock. The shares were sold at a price of $38.18 each, resulting in a total transaction value of $204,606. This sale was conducted on February 19, 2025, and was made to cover tax withholding obligations incurred upon the settlement of restricted stock units. Following the transaction, Patel retains ownership of 540,260 shares in the company, worth approximately $20.8 million at current market prices. The company’s strong fundamentals and slight undervaluation, based on InvestingPro’s Fair Value model, suggest continued confidence from management. Get access to 8 more exclusive ProTips and comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Protagonist Therapeutics has been in the spotlight with several key developments. The company is advancing its lead drug candidate, rusfertide, through a Phase 3 clinical trial for polycythemia vera (PV), with top-line results expected in March 2025. Additionally, Protagonist is progressing icotinib, an oral IL-23 receptor antagonist, through a Phase 2b trial for ulcerative colitis, with readouts anticipated in the first quarter of 2025. Analyst firms have maintained positive ratings for Protagonist, with Citizens JMP, Truist Securities, and JMP Securities all reiterating their respective targets and ratings, highlighting the potential of rusfertide and icotinib.
Citizens JMP maintains a Market Outperform rating with a $58 target, emphasizing the strategic decisions surrounding rusfertide’s commercialization. Truist Securities has reiterated a Buy rating with a $60 target, noting the feedback from key opinion leaders on the unmet medical needs in PV. Jefferies has also maintained a Buy rating with a $57 target, projecting significant revenue potential for rusfertide in collaboration with Takeda. Meanwhile, Protagonist announced an executive role change, with Suneel Gupta, Ph.D., transitioning to Executive Vice President, Clinical Development, signaling a continued focus on advancing clinical programs.
These recent developments underscore Protagonist Therapeutics’ ongoing efforts in drug development and strategic planning, with analysts expressing optimism about its future prospects.
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