Protagonist Therapeutics, Inc. (PTGX) Stock

Protagonist Therapeutics, Inc. (PTGX) is a Healthcare stock trading at $154.33 (as of 2026-08-21), with a market capitalization of $9.93B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Protagonist Therapeutics, Inc. develops peptide-based therapeutic drugs for hematology and blood disorders, and for inflammatory and immunomodulatory diseases. Its pipeline includes rusfertide (PTG-300), an injectable hepcidin mimetic, and PN-943 and PN-235, oral peptide candidates, with clinical development in multiple Phase II indications.

Understand Protagonist Therapeutics, Inc.: how it makes money

Protagonist Therapeutics develops peptide-based drugs for hematology, blood disorders, and inflammatory and immunomodulatory diseases, and it makes money mainly through licensing and collaboration arrangements.

The profit model appears to rely largely on licensing and collaboration revenue tied to development programs, not on commercial product sales, so financial momentum is linked to partner deals and Phase II progress.

Business quality (Weak): Latest results show an operating loss, with revenue coming from licensing and collaboration, while the lead assets are still in Phase II clinical development.

Bull case

  • Rusfertide is in Phase II development for polycythemia vera and hereditary hemochromatosis, and it is also being evaluated for other blood disorders: If Phase II data continue to support efficacy, it can strengthen the value of the collaboration and licensing story.
  • Clinical development progress is being tracked with measurable response outcomes in REVIVE: Rusfertide responders in the randomized withdrawal portion are reported at 69.2 percent.
  • The company is also advancing PN-943, an oral alpha-4-beta-7 integrin antagonist peptide, in Phase II for inflammatory bowel disease: A second clinical pipeline can broaden the potential paths for partnered development and future value creation.

Bear case

  • The latest quarter shows an operating margin of -6.5 percent: This highlights ongoing costs that are not yet covered by operating profitability.
  • Revenue in the latest quarter is primarily licensing and collaboration related: If partnership economics change, or if clinical milestones slip, reported revenue may be pressured.
  • Safety outcomes must remain acceptable as programs progress: For Icotrokinra, an adverse events rate of 49.0 percent is reported, which underscores the need for continued tolerability evidence.
Valuation — source: SEC EDGAR (first-party)
Price$154.33
Market Cap$9.93B
Price / Book15.14
Price / Sales134.01
FCF Yield-1.2%
DCF Value (model)$38.68
DCF Upside vs Price-74.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$46.02M
Net Margin-282.8%
Revenue Growth (YoY)99.0%
EPS Growth (YoY)-131.6%
FCF Growth (YoY)-139.4%
Financial Health — source: SEC EDGAR
Altman Z-Score109.74 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.03B)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEODinesh V. Patel
Employees124
CountryUS
IPO Date2016-08-11

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

  • Aquestive Therapeutics, Inc. (AQST)
  • Cumberland Pharmaceuticals Inc. (CPIX)
  • Xilio Therapeutics, Inc. (XLO)
  • Palvella Therapeutics, Inc. (PVLA)
  • Lexicon Pharmaceuticals, Inc. (LXRX)
  • Ocular Therapeutix, Inc. (OCUL)
  • XOMA Royalty Corp. (XOMA)
  • Enveric Biosciences, Inc. (ENVB)
PTGX earnings history · PTGX institutional & insider holders · PTGX KPIs & operating metrics · PTGX financials · PTGX investor presentations & press releases · PTGX SEC filings · PTGX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.