Protagonist Therapeutics, Inc
PTGX · Pharmaceutical Preparations · 64.3M shares · +18%/yr ↑ shares · EDGAR filings ↗
Reference price $117.94 · est. market cap ~$7.6B — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Well-capitalized clinical company with two partnered assets at the NDA stage, positive FCF and a large cash cushion.
Strengths
- Cash/investments $646M (87th pct), current ratio 12.7 (86th pct) and positive FCF (87th pct) from JNJ/Takeda milestones
- Icotyde and rusfertide both at NDA stage with major-pharma partners; rusfertide holds Breakthrough Therapy designation
Risks
- ROE -21% and ROA -19% with no approved product yet; revenue/earnings are milestone-lumpy (net income growth 7th pct)
- Older PTG-100 ulcerative colitis Phase 2 missed its primary endpoint; future value hinges on partner-led approvals and launches
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $646M cash & investments
- Trial readout soonUpcoming trial readout ~2026-04-01 — PHASE3 · Polycythemia Vera
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 29 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$54M, last 6mo) Form 4 ↗
Key metrics
Return on equity
-21.2%
Return on assets
-19.5%
Net-income growth
-147.3%
Current ratio
12.7×
Free cash flow
$56M
EBITDA
-$157M
Tangible book value
$615M
Cash & investments
$646M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Waddill William D. | Sell | 9.0K | $117.94 |
| 2026-06-23 | Waddill William D. | Option exercise | 9.0K | $16.54 |
| 2026-06-10 | Waddill William D. | Option exercise | 3.0K | $11.80 |
| 2026-06-10 | Waddill William D. | Option exercise | 6.0K | $16.54 |
| 2026-06-10 | Waddill William D. | Sell | 9.0K | $107.68 |
| 2026-05-29 | Waddill William D. | Sell | 9.0K | $99.64 |
| 2026-05-29 | Waddill William D. | Option exercise | 9.0K | $11.80 |
| 2026-05-12 | PATEL DINESH V PH D | Option exercise | 75K | $21.58 |
| 2026-05-12 | PATEL DINESH V PH D | Option exercise | 75K | $21.58 |
| 2026-05-12 | PATEL DINESH V PH D | Sell | 75K | $100.12 |
| 2026-05-12 | PATEL DINESH V PH D | Sell | 75K | $100.12 |
| 2026-05-08 | Giraudo Bryan | Sell | 6.0K | $100.00 |
| 2026-05-08 | Giraudo Bryan | Sell | 5.1K | $100.00 |
| 2026-05-07 | Giraudo Bryan | Option exercise | 12K | $6.98 |
| 2026-05-07 | Giraudo Bryan | Sell | 36K | $100.14 |
| 2026-05-07 | Giraudo Bryan | Sell | 12K | $100.07 |
| 2026-05-07 | Giraudo Bryan | Option exercise | 24K | $6.45 |
| 2026-04-23 | PATEL DINESH V PH D | Gift | 1.5K | — |
| 2026-04-20 | Ali Asif | Sell | 1.8K | $105.47 |
| 2026-03-26 | MOLINA ARTURO MD | Option exercise | 15K | $8.04 |
| 2026-03-26 | MOLINA ARTURO MD | Sell | 15K | $104.79 |
| 2026-03-26 | SELICK HAROLD E | Option exercise | 24K | $12.88 |
| 2026-03-26 | SELICK HAROLD E | Sell | 24K | $105.00 |
| 2026-03-26 | Ali Asif | Option exercise | 20K | $19.19 |
| 2026-03-26 | Ali Asif | Option exercise | 5.3K | $12.17 |
| 2026-03-26 | Ali Asif | Sell | 25K | $104.24 |
| 2026-03-25 | PATEL DINESH V PH D | Option exercise | 55K | $8.58 |
| 2026-03-25 | PATEL DINESH V PH D | Sell | 55K | $101.00 |
| 2026-03-24 | PATEL DINESH V PH D | Option exercise | 59 | $8.58 |
| 2026-03-24 | PATEL DINESH V PH D | Sell | 59 | $101.00 |
| 2026-03-23 | PATEL DINESH V PH D | Gift | 50K | — |
| 2026-02-17 | Williams Lewis T | Sell | 18K | $82.42 |
| 2026-02-17 | Williams Lewis T | Option exercise | 18K | $10.84 |
| 2026-02-06 | Waddill William D. | Option exercise | 20K | $8.31 |
| 2026-02-06 | Waddill William D. | Sell | 20K | $83.68 |
| 2026-01-27 | PATEL DINESH V PH D | Sell | 4.1K | $83.19 |
| 2026-01-27 | MOLINA ARTURO MD | Option exercise | 5.0K | $8.04 |
| 2026-01-27 | Ali Asif | Sell | 18K | $83.14 |
| 2026-01-27 | Ali Asif | Sell | 28K | $83.13 |
| 2026-01-27 | MOLINA ARTURO MD | Sell | 5.0K | $82.00 |
| 2026-01-27 | Ali Asif | Option exercise | 12K | $12.17 |
| 2026-01-27 | Ali Asif | Option exercise | 16K | $19.19 |
| 2026-01-27 | PATEL DINESH V PH D | Option exercise | 4.1K | $21.58 |
| 2026-01-26 | MOLINA ARTURO MD | Sell | 5.0K | $82.28 |
| 2026-01-26 | PATEL DINESH V PH D | Option exercise | 11K | $4.21 |
| 2026-01-26 | PATEL DINESH V PH D | Sell | 11K | $84.00 |
| 2026-01-26 | PATEL DINESH V PH D | Option exercise | 14K | $21.58 |
| 2026-01-26 | PATEL DINESH V PH D | Sell | 14K | $84.05 |
| 2026-01-26 | MOLINA ARTURO MD | Option exercise | 5.0K | $8.04 |
| 2026-01-23 | PATEL DINESH V PH D | Option exercise | 19K | $4.21 |
| 2026-01-23 | MOLINA ARTURO MD | Sell | 13K | $82.42 |
| 2026-01-23 | PATEL DINESH V PH D | Gift | 6.0K | — |
| 2026-01-23 | PATEL DINESH V PH D | Sell | 19K | $84.59 |
| 2026-01-20 | MOLINA ARTURO MD | Sell | 9.5K | $82.48 |
| 2026-01-20 | PATEL DINESH V PH D | Sell | 34K | $82.48 |
| 2026-01-20 | Ali Asif | Sell | 8.6K | $82.48 |
| 2026-01-09 | SELICK HAROLD E | Option exercise | 14K | $4.21 |
| 2026-01-02 | SELICK HAROLD E | Grant | 2.7K | — |
| 2026-01-02 | Waddill William D. | Grant | 2.7K | — |
| 2026-01-02 | Giraudo Bryan | Grant | 2.7K | — |
| 2026-01-02 | Williams Lewis T | Grant | 2.7K | — |
| 2026-01-02 | O'Dowd Sarah A | Grant | 2.7K | — |
| 2026-01-02 | PATEL DINESH V PH D | Grant | 95K | — |
| 2026-01-02 | MOLINA ARTURO MD | Grant | 26K | — |
| 2026-01-02 | Ali Asif | Grant | 26K | — |
| 2025-11-21 | PATEL DINESH V PH D | Gift | 440 | — |
| 2025-11-17 | MOLINA ARTURO MD | Sell | 2.7K | $84.77 |
| 2025-10-10 | Waddill William D. | Sell | 4.0K | $69.25 |
| 2025-10-10 | Waddill William D. | Option exercise | 12K | $6.98 |
| 2025-10-10 | Waddill William D. | Sell | 8.0K | $87.81 |
| 2025-09-22 | Waddill William D. | Sell | 4.0K | $64.25 |
| 2025-09-16 | PATEL DINESH V PH D | Gift | 620 | — |
| 2025-08-27 | Waddill William D. | Sell | 4.0K | $59.25 |
| 2025-07-25 | PATEL DINESH V PH D | Sell | 10K | $54.78 |
| 2025-07-23 | PATEL DINESH V PH D | Sell | 18K | $54.79 |
| 2025-07-22 | PATEL DINESH V PH D | Sell | 22K | $55.05 |
| 2025-07-21 | PATEL DINESH V PH D | Grant | 25K | — |
| 2025-07-21 | PATEL DINESH V PH D | Sell | 13K | $54.86 |
| 2025-07-16 | PATEL DINESH V PH D | Gift | 5.0K | — |
| 2025-06-16 | PATEL DINESH V PH D | Gift | 685 | — |
| 2025-06-13 | PATEL DINESH V PH D | Gift | 670 | — |
| 2025-06-10 | MOLINA ARTURO MD | Option exercise | 10K | $8.04 |
| 2025-06-10 | MOLINA ARTURO MD | Sell | 10K | $57.03 |
| 2025-06-09 | MOLINA ARTURO MD | Option exercise | 10K | $8.04 |
| 2025-06-09 | MOLINA ARTURO MD | Sell | 10K | $55.51 |
| 2025-04-28 | SELICK HAROLD E | Option exercise | 11K | $1.16 |
| 2025-04-22 | Ali Asif | Sell | 1.8K | $46.00 |
| 2025-03-17 | Waddill William D. | Sell | 4.0K | $54.25 |
| 2025-03-13 | MOLINA ARTURO MD | Sell | 31K | $55.74 |
| 2025-03-13 | MOLINA ARTURO MD | Option exercise | 28K | $23.42 |
| 2025-03-13 | MOLINA ARTURO MD | Option exercise | 2.1K | $38.98 |
| 2025-03-12 | Ali Asif | Option exercise | 9.7K | $19.19 |
| 2025-03-12 | Ali Asif | Option exercise | 15K | $12.17 |
| 2025-03-12 | Ali Asif | Sell | 25K | $58.73 |
| 2025-03-05 | PATEL DINESH V PH D | Option exercise | 24K | $4.21 |
| 2025-02-19 | PATEL DINESH V PH D | Sell | 5.4K | $38.18 |
| 2025-01-16 | Ali Asif | Sell | 1.3K | — |
| 2025-01-16 | MOLINA ARTURO MD | Sell | 388 | — |
| 2025-01-16 | MOLINA ARTURO MD | Sell | 3.3K | — |
| 2025-01-16 | Ali Asif | Sell | 2.6K | — |
| 2025-01-15 | PATEL DINESH V PH D | Tax withheld | 13K | — |
| 2025-01-02 | MOLINA ARTURO MD | Grant | 41K | — |
| 2025-01-02 | Waddill William D. | Grant | 5.1K | — |
| 2025-01-02 | O'Dowd Sarah A | Grant | 5.1K | — |
| 2025-01-02 | Williams Lewis T | Grant | 5.1K | — |
| 2025-01-02 | PATEL DINESH V PH D | Grant | 150K | — |
| 2025-01-02 | Giraudo Bryan | Grant | 5.1K | — |
| 2025-01-02 | SELICK HAROLD E | Grant | 5.1K | — |
| 2025-01-02 | Ali Asif | Grant | 32K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07153146 ↗ | Safety, Tolerability, Pharmacokinetics, and Pharmacodynamics of PN-881 in Healthy Subjects. Healthy Volunteer | PHASE1 | Recruiting | 2026-06-15 |
| NCT06033586 ↗ | Study to Evaluate the Long-term Safety of Rusfertide (PTG-300) in Subjects With Polycythemia Vera Polycythemia Vera | PHASE3 | Active Not Recruiting | 2026-04-01 |
| NCT05210790 ↗ | A Phase 3 Study of Rusfertide in Patients With Polycythemia Vera Polycythemia Vera | PHASE3 | Active Not Recruiting | 2025-02-21 |
| NCT04767802 ↗ | PTG-300 in Patients With Polycythemia Vera and Elevated Hematocrit Polycythemia Vera | PHASE2 | Completed | 2023-03-15 |
| NCT04504383 ↗ | PN-943 in Adults With Moderate to Severe Active Ulcerative Colitis (UC) Ulcerative Colitis Chronic Moderate, Ulcerative Colitis Chronic Severe | PHASE2 | Completed | 2023-02-16 |
| NCT04057040 ↗ | Hepcidin Mimetic in Patients With Polycythemia Vera (REVIVE) Polycythemia Vera | PHASE2 | Completed | 2023-02-14 |
| NCT04819620 ↗ | Pharmacokinetics of PN-232 in Healthy Volunteers Healthy Subjects | PHASE1 | Completed | 2021-12-17 |
| NCT04202965 ↗ | PTG-300 in Subjects With Hereditary Hemochromatosis Hereditary Hemochromatosis | PHASE2 | Completed | 2021-10-06 |
| NCT04621630 ↗ | Pharmacokinetics of PN-235 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2021-09-19 |
| NCT04516382 ↗ | Pharmacokinetics and Pharmacodynamics of Different PTG-300 Regimens in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2021-01-12 |
| NCT03802201 ↗ | Study of PTG-300 in Non-Transfusion Dependent and Transfusion-Dependent Beta-Thalassemia Subjects With Chronic Anemia β-thalassemia, Ineffective Erythropoiesis | PHASE2 | Completed | 2020-07-31 |
| NCT04054921 ↗ | Safety Study for Beta Thalassemia Subjects on PTG-300 β-thalassemia, Ineffective Erythropoiesis | PHASE2 | Completed | 2020-07-31 |
| NCT02895100 ↗ | Safety and Efficacy Study of PTG-100 in the Treatment of Moderate to Severe Ulcerative Colitis Ulcerative Colitis | PHASE2 | Terminated | 2018-03-26 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Reg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-06 | ResultsExhibits | filing ↗ |
| 2025-06-26 | Shareholder vote | filing ↗ |
| 2025-05-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-17 | 0001104659-26-075777 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001104659-26-055661 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001104659-26-055629 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001104659-26-019696 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001104659-26-019658 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002724 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107816 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107753 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001104659-25-074719 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001558370-25-010534 ↗ |
| 8-K | 2025-06-26 | 2025-06-20 | 0001104659-25-063038 ↗ |
| 10-Q | 2025-05-06 | 2025-03-31 | 0001558370-25-006530 ↗ |