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PTGXProtagonist Therapeutics, Inc.
$138.70$8.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
PTGX logo

Protagonist Therapeutics, Inc.

PTGX
NASDAQ · Biotechnology
$138.70
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$8.92B
P/E-67.7x
52W High$160.81
Volume513.15K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Milestone-Driven Revenue Spikes Mask Underlying Operational Burn

Protagonist Therapeutics' financial profile is dominated by episodic milestone payments, as evidenced by revenue surging to $213.5M in 2026Q2 from $7.4M in 2025Q4, while R&D expenses have steadily climbed to $42.1M. The company maintains a fortress balance she...

GrowthMixed
ProfitabilityStable
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

PTGX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

-299% Peers

P/E is 299% below peer median

03

Market leadership

RS 89 · Leader

High momentum (Outperforming 89% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue is highly volatile, swinging from $255.0M in 2024Q1 to $4.2M in 2024Q2, with gross margins artificially at 100% due to zero COGS, while R&D expenses have grown 25.7% from $33.5M to $42.1M over the same period.

Analyst Consensus+27.1% target
Buy(26 analysts)
26 Buy0 Hold0 Sell

The Bull Case

Upside Catalysts

Proprietary peptide platform

PTGX's proprietary peptide engineering platform has already demonstrated innovation and execution potential in biotech.

Underappreciated clinical assets

The company's clinical assets are seen as undervalued, offering significant upside potential.

Strategic optionality

PTGX's strategic optionality, including partnerships or licensing opportunities, adds to its bullish case.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
PTGX+59.10%
S&P 500 (^GSPC)+12.39%
1-Year Return
PTGX+113.19%
S&P 500 (^GSPC)+15.77%
3-Year Return
PTGX+706.86%
S&P 500 (^GSPC)+63.34%
5-Year Return
PTGX+670.55%
S&P 500 (^GSPC)+31.27%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-67.7x
Forward P/E
29.7x
EV/EBITDA
N/A
FCF YieldCash Flow
0.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-67.7x
9.1x
0th· Low
EV/EBITDA
N/A
9.6x
N/A
Price/FCF
159.1x
99.0x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$2.64-98.1%
Base (Fair)$122.05-14.7%
Bull$3.82-97.2%
$2.64 Bear$122.05 Base$3.82 Bull
Current Market Price: $138.70
Trades at a 13.6% premium to Base DCF ($122.05)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$46M-89.4% YoY
Net income
-$130M-147.3% YoY
Free cash flow
$56M-69.3% YoY
Operating margin
-343.6%-401.8 pts YoY
ROIC (TTM)-21.8%
Avg ROIC 5Y-
ROE (TTM)-20.2%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate8/12 (67%)
Revenue Beat Rate6/12 (55%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$2.29+2.7%
vs $2.23
$213M+5.3%
vs $203M
Q2 2026
May 5, 2026
$0.05+107.7%
vs -$0.65
$56M+381.7%
vs $12M
Q1 2026
Feb 25, 2026
-$0.69-30.2%
vs -$0.53
$7M-14.9%
vs $9M
Q4 2025
Nov 6, 2025
-$0.62-5.1%
vs -$0.59
$5M-68.4%
vs $15M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Sep 13, 2026
Protagonist Therapeutics (NASDAQ:PTGX) CEO Sells $9,289,446.64 in Stock

Protagonist Therapeutics, Inc. (NASDAQ: PTGX - Get Free Report) CEO Dinesh Ph Patel sold 63,548 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $146.18, for a total transaction of $9,289,446.64. Following the completion of the sale, the chief executive officer directly owned 522,968

Defense World·Sep 13, 2026
Protagonist Therapeutics (NASDAQ:PTGX) CEO Sells $7,902,361.38 in Stock

Protagonist Therapeutics, Inc. (NASDAQ: PTGX - Get Free Report) CEO Dinesh Ph Patel sold 54,174 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $145.87, for a total transaction of $7,902,361.38. Following the completion of the sale, the chief executive officer directly

Defense World·Sep 11, 2026
Hsbc Holdings PLC Purchases 24,045 Shares of Protagonist Therapeutics, Inc. $PTGX

Hsbc Holdings PLC raised its position in Protagonist Therapeutics, Inc. (NASDAQ: PTGX) by 1,260.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,952 shares of the company's stock after purchasing an additional 24,045 shares during the quarter. Hsbc Holdings PLC's holdings

Seeking Alpha·Sep 9, 2026
Protagonist Therapeutics, Inc. (PTGX) Presents at Citigroup's Biopharma Back to School Summit 2026 Transcript

Protagonist Therapeutics, Inc. (PTGX) Presents at Citigroup's Biopharma Back to School Summit 2026 Transcript

Filtered for Protagonist Therapeutics, Inc.More Headlines
04

Compare before deciding

Benchmark PTGX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Protagonist Therapeutics, Inc. (PTGX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
PTGX logoPTGXProtagonist Therapeutics, Inc.Current
$138.70$8.92B-67.66-89.41%-282.83%-20.18%—
IMVT logoIMVTImmunovant, Inc.
$34.54$7.13B-12.47—-7585.86%-69.59%—
KYMR logoKYMRKymera Therapeutics, Inc.
$115.47$9.5B-31.29-16.72%-285.41%-21.5%—
PRTA logoPRTAProthena Corporation plc
$8.68$454.43M-1.92-92.84%-80.67%-14.98%—
ACRS logoACRSAclaris Therapeutics, Inc.
$5.26$734.63M-9.92-58.19%-921.5%-61.65%—
ARDX logoARDXArdelyx, Inc.
$3.48$859.66M-13.3822.09%-12.35%-36%—

Compare PTGX vs Peers

Protagonist Therapeutics, Inc. (PTGX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IMVT

Most directly comparable listed peer for PTGX.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare PTGX against a more recognizable public peer.

Peer Set

Compare Top 5

vs IMVT, KYMR, PRTA, ACRS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

PTGX SEC Filings & Documents

Protagonist Therapeutics, Inc. (PTGX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

Jun 18, 2026·SEC

Material company update

May 5, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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PTGX Frequently Asked Questions

Protagonist Therapeutics, Inc. (PTGX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Protagonist Therapeutics, Inc.'s revenue?

Protagonist Therapeutics, Inc. (PTGX) reported $282.0M in revenue for fiscal year 2025.

How fast is Protagonist Therapeutics, Inc. growing?

Protagonist Therapeutics, Inc. (PTGX) saw revenue decline by 89.4% over the past year.

Is PTGX profitable?

Yes, Protagonist Therapeutics, Inc. (PTGX) is profitable, generating $82.9M in net income for fiscal year 2025 (-282.8% net margin).

Dividend & Returns
What is PTGX's return on equity?

Protagonist Therapeutics, Inc. (PTGX) has a return on equity (ROE) of -20.2%. Negative ROE indicates the company is unprofitable.

What is Protagonist Therapeutics, Inc.'s free cash flow?

Protagonist Therapeutics, Inc. (PTGX) generated $83.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in PTGX back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

See returns →