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Protagonist Therapeutics, Inc (PTGX) stock

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NASDAQ: PTGX Nasdaq Biotechnology Next results ~November 5, 2026

B+ Fundamentals grade

Protagonist Therapeutics, Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Protagonist Therapeutics, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 37 sales by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 124 cuttingOf 55 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Protagonist Therapeutics files

Where Protagonist Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $282m, up 34.8% on a year earlier, against a decline of 64.4% a quarter earlier. Free-cash-flow margin rose to 46.3% from 17.7% a year earlier. Operating margin widened to 20.7% from 11.5%. The diluted share count is up 2.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 2 financial-health checks.

Our model value for Protagonist Therapeutics is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Protagonist Therapeutics, Inc's trailing-twelve-month revenue grew 34.8% year on year, with a free-cash-flow margin of 46.3%. Where it stands out: free-cash-flow margin of 46.3% ranks 7 of 176 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$92 per share in the base case (~$73–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 252.0% while net income grew 59.3%: a 193pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 34.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 99.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 9.2 points on a year ago.
  • Strong cash generation. 46.3% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.4bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Heavy stock-based pay. Stock pay equals 17.7% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 2.8% in a year.
  • High earnings multiple. The shares trade at 113 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 7 insiders sold $95M of stock over the past 365 days and none bought (54% under pre-set trading plans).
  • Heavily shorted. 18.5% of the shares available to trade are sold short (12.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.29 against an average estimate of $1.93: beat by 18.7%
Revenue
$213m, up 3749.2% on a year earlier
Share reaction
+7.6% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate $2.66

Protagonist Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.8%
  • 1 week-0.7%
  • 1 month-0.5%
  • This year+59.6%
  • 1 year+77.3%
  • 5 years+323.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$282M
Operating margin
20.7%
Net margin
29.4%
EPS (TTM, diluted)
$1.23

Growth

Revenue growth
+34.8%
Change in growth rate
+99.2 pts
Share count change
+2.8%

Cash

Free cash flow (TTM)
$131M
FCF margin
46.3%
Stock pay % of revenue
17.7%

Earnings

Last results
August 5, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Protagonist Therapeutics, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Protagonist Therapeutics, Inc's free cash flow after stock-based pay ( $95M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$20.80$6.73$7.05$20.16$34.20$10.91$22.93$38.60$87.34$139.37
Market value$368m$151m$183m$693m$1.6bn$535m$1.3bn$2.5bn$5.6bn$9.4bn
+ Net debt (− = net cash)−$106m−$82m−$23m−$117m−$124m−$126m−$187m−$97m−$128m−$420m
Enterprise value$262m$68m$160m$576m$1.5bn$409m$1.1bn$2.4bn$5.4bn$9.0bn
Multiples
Price / sales 18.3x4.9xn/m24.2x57.9x20.1x21.7x5.8x120.7x33.3x
Price / earnings ———————9.1x—113.2x
Price / free cash flow 114.8x——————13.7x99.0x71.9x
EV / EBITDA ———————9.5x—149.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

14 /100

Weak moat

How hard Protagonist Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -26.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -62.6%; its worst year was -494.2%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 3 of 6 years, at a median -72.7% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 62.1% over five years; stock-based pay has been a median 21.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (19 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $241m and EPS of $2.66 (range $0.13 to $3.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.77 +333% $549m +1093%
Next −$0.10 −102% $215m −61%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.7% on 90 days ago. In the last 30 days, 9 analysts raised Protagonist Therapeutics, Inc's forecast and 3 cut it.

Consensus EPS forecast Protagonist Therapeutics, Inc, last 90 days
−$2.00 $0.00 $2.00 $4.00 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.47 Current fiscal year, 60 days ago: $4.75 Current fiscal year, 30 days ago: $4.79 Current fiscal year, 7 days ago: $4.66 Current fiscal year, Now: $4.77 $4.77 Next fiscal year, 90 days ago: −$0.19 Next fiscal year, 60 days ago: $0.06 Next fiscal year, 30 days ago: −$0.20 Next fiscal year, 7 days ago: −$0.15 Next fiscal year, Now: −$0.10 −$0.10

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.47−$0.19
60 days ago $4.75$0.06
30 days ago $4.79−$0.20
7 days ago $4.66−$0.15
Now $4.77−$0.10

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.93 $2.29 +18.7%
Mar 2026 −$0.65 $0.05 +107.6%
Dec 2025 −$0.54 −$0.69 −27.4%
Sept 2025 −$0.64 −$0.62 +3.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Our model doesn't use the consensus here: consensus revenue is 0.45x the latest quarter's run rate while reported revenue grew 3749% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

14 analysts, Oct 2026
Buy14100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202631114
  2. Sep 202631013
  3. Aug 202631013
  4. Jul 202639113

Counts of recommendations published by analysts covering Protagonist Therapeutics, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
18.5%
of tradable shares
Days to cover
12.29
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
141
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +77.3%

$78.62 on October 31, 2025 to $139.37

ThenNowEffect
Revenue (last 12 months) $209m $282m +34.8%
Net margin 24.9% 29.4% +18.2%
P/E multiple 98.9x 113.2x +14.4%
Share count 65m 67m −2.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PTGX+70%−68%+110%+68%+126%+60%
Industry peers (median)−36%−56%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PTGX83%17%67%67%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PTGX−74%−80%−52%−23%−32%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since August 11, 2016: 86% from September 1, 2021 to June 13, 2022. Getting back needed a 604% gain, reached on March 10, 2025, 1001 days after the low.

Price behaviour

52-week range
$75.95 – $158.62
From 52-week high
−12.1%
vs 50-day average
−2.3%
vs 200-day average
+19.2%
Volatility (1 year)
40%
Beta vs S&P 500
0.86

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.2%
After a week
8 up, 4 down
typical move ±6.7%
After a month
10 up, 2 down
typical move ±16.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +7.6% −0.4% +11.9% +9.6%
May 5, 2026 +4.5% +2.2% +0.4% +3.3%
February 25, 2026 +1.1% +0.3% +8.5% +16.9%
November 6, 2025 +2.1% −1.0% +6.9% +15.9%
August 6, 2025 −5.5% +0.7% +5.2% +12.3%
May 6, 2025 −2.7% −0.4% 0.0% +21.5%
February 21, 2025 −6.5% −2.2% −2.3% +36.5%
November 7, 2024 −2.9% +1.2% −13.8% −14.9%
August 6, 2024 0.0% +0.2% +12.6% +17.4%
May 7, 2024 +4.0% +0.1% +13.6% +30.5%
February 27, 2024 +3.0% +0.1% +4.8% −3.6%
November 2, 2023 +10.2% +2.8% −0.5% +20.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Protagonist Therapeutics, Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Protagonist Therapeutics, Inc
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $0 Revenue (TTM), FY23 Q4: $60M Revenue (TTM), FY24 Q1: $315M Revenue (TTM), FY24 Q2: $319.1M Revenue (TTM), FY24 Q3: $323.8M Revenue (TTM), FY24 Q4: $434.4M Revenue (TTM), FY25 Q1: $207.8M Revenue (TTM), FY25 Q2: $209.2M Revenue (TTM), FY25 Q3: $209.2M Revenue (TTM), FY25 Q4: $46M Revenue (TTM), FY26 Q1: $74.1M Revenue (TTM), FY26 Q2: $282M $282M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $0
FY23 Q4 $60M
FY24 Q1 $315M
FY24 Q2 $319.1M
FY24 Q3 $323.8M
FY24 Q4 $434.4M
FY25 Q1 $207.8M
FY25 Q2 $209.2M
FY25 Q3 $209.2M
FY25 Q4 $46M
FY26 Q1 $74.1M
FY26 Q2 $282M
Revenue growth, TTM YoY Protagonist Therapeutics, Inc
-10000% 0% 10000% 20000% 30000% 40000% FY23 Q1 FY23 Q4 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q1: -98.2% Revenue growth, TTM YoY, FY23 Q2: -100.0% Revenue growth, TTM YoY, FY23 Q3: -100.0% Revenue growth, TTM YoY, FY23 Q4: 125.7% Revenue growth, TTM YoY, FY24 Q1: 36565.1% Revenue growth, TTM YoY, FY24 Q4: 624.1% Revenue growth, TTM YoY, FY25 Q1: -34.0% Revenue growth, TTM YoY, FY25 Q2: -34.5% Revenue growth, TTM YoY, FY25 Q3: -35.4% Revenue growth, TTM YoY, FY25 Q4: -89.4% Revenue growth, TTM YoY, FY26 Q1: -64.4% Revenue growth, TTM YoY, FY26 Q2: 34.8% 34.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q1 -98.2%
FY23 Q2 -100.0%
FY23 Q3 -100.0%
FY23 Q4 125.7%
FY24 Q1 36565.1%
FY24 Q4 624.1%
FY25 Q1 -34.0%
FY25 Q2 -34.5%
FY25 Q3 -35.4%
FY25 Q4 -89.4%
FY26 Q1 -64.4%
FY26 Q2 34.8%
Operating margin (TTM) Protagonist Therapeutics, Inc
-20000% -15000% -10000% -5000% 0% 5000% FY23 Q1 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q1: -17029.5% Operating margin (TTM), FY23 Q4: -156.1% Operating margin (TTM), FY24 Q1: 47.2% Operating margin (TTM), FY24 Q2: 47.7% Operating margin (TTM), FY24 Q3: 46.1% Operating margin (TTM), FY24 Q4: 58.2% Operating margin (TTM), FY25 Q1: 13.1% Operating margin (TTM), FY25 Q2: 11.5% Operating margin (TTM), FY25 Q3: 9.1% Operating margin (TTM), FY25 Q4: -343.6% Operating margin (TTM), FY26 Q1: -192.4% Operating margin (TTM), FY26 Q2: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q1 -17029.5%
FY23 Q4 -156.1%
FY24 Q1 47.2%
FY24 Q2 47.7%
FY24 Q3 46.1%
FY24 Q4 58.2%
FY25 Q1 13.1%
FY25 Q2 11.5%
FY25 Q3 9.1%
FY25 Q4 -343.6%
FY26 Q1 -192.4%
FY26 Q2 20.7%
FCF margin (TTM) Protagonist Therapeutics, Inc
-15000% -10000% -5000% 0% 5000% FY23 Q1 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q1: -12264.3% FCF margin (TTM), FY23 Q4: -118.1% FCF margin (TTM), FY24 Q1: -20.4% FCF margin (TTM), FY24 Q2: 72.3% FCF margin (TTM), FY24 Q3: 70.8% FCF margin (TTM), FY24 Q4: 42.1% FCF margin (TTM), FY25 Q1: 161.3% FCF margin (TTM), FY25 Q2: 17.7% FCF margin (TTM), FY25 Q3: 30.5% FCF margin (TTM), FY25 Q4: 121.9% FCF margin (TTM), FY26 Q1: -159.2% FCF margin (TTM), FY26 Q2: 46.3% 46.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q1 -12264.3%
FY23 Q4 -118.1%
FY24 Q1 -20.4%
FY24 Q2 72.3%
FY24 Q3 70.8%
FY24 Q4 42.1%
FY25 Q1 161.3%
FY25 Q2 17.7%
FY25 Q3 30.5%
FY25 Q4 121.9%
FY26 Q1 -159.2%
FY26 Q2 46.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 20 31 0 29 27 27 60 434 46 282
EBITDA −37 −42 −80 −64 −125 −130 −93 254 −157 60
Operating income −38 −42 −81 −65 −126 −131 −94 253 −158 58
Net income −37 −39 −77 −66 −126 −127 −79 275 −130 83
Diluted EPS −$2.09 −$1.74 −$2.98 −$1.92 −$2.71 −$2.60 −$1.39 $4.23 −$2.05 $1.23
Growth (year on year)
Revenue — +54.1% −99.3% +>999% −4.4% −2.8% +125.7% +624.1% −89.4% +34.8%
EBITDA — — — — — — — — −161.8% +140.8%
Operating income — — — — — — — — −162.5% +143.3%
Net income — — — — — — — — −147.3% +59.3%
Diluted EPS — — — — — — — — −148.5% +54.9%
Margins
EBITDA margin −186.9% −135.0% <−999% −222.0% −457.0% −490.3% −154.5% 58.4% −340.9% 21.2%
Operating margin −188.9% −136.7% <−999% −225.4% −460.0% −494.2% −156.1% 58.2% −343.6% 20.7%
Net margin −184.2% −125.9% <−999% −231.1% −458.9% −479.3% −131.6% 63.3% −282.8% 29.4%
Free-cash-flow margin 16.0% −163.1% <−999% −254.8% −398.3% −409.8% −118.1% 42.1% 121.9% 46.3%
Cash flow
Cash from operations 4 −50 −42 −72 −108 −108 −70 184 58 131
Capital spending 1 0 1 0 1 1 1 1 2 1
Free cash flow 3 −50 −42 −73 −109 −109 −71 183 56 131
Stock-based pay 4 7 8 8 16 24 29 38 46 50
Free cash flow after stock pay −1 −57 −51 −81 −125 −133 −100 145 10 81
Balance sheet
Cash 106 82 33 117 124 126 187 97 128 420
Total debt 0 0 10 — 0 0 0 0 0 0
Net debt (negative = net cash) −106 −82 −23 −117 −124 −126 −187 −97 −128 −420
Diluted shares 18m 22m 26m 34m 46m 49m 57m 65m 64m 67m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $886m
Short-term assets $807mLonger-term assets $78m
What it owes, and who funded it · $886m
Short-term liabilities $37mLonger-term liabilities $7mShareholders' equity $842m
  • Short-term assets cover short-term liabilities $807m of assets due within a year against $37m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $807m short-term assets against $7m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Protagonist Therapeutics, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.8%
year over year
R&D spending
62.1%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated PTGX PHAT SNDX VIR VCEL ADPT Median
Revenue, last 12 months $282m $275m $290m $303m $306m $308m $56m
Revenue growth, last 12 months 34.8% 86.8% 159.7% >999% 23.0% 50.1% 12.6%
Revenue growth, 3-year average — — 177.8% −14.8% 19.8% 17.6% 13.7%
Revenue growth, latest quarter >999% 71.1% 81.6% >999% 22.5% 21.5% 10.2%
Gross margin — 80.7% — 96.1% 74.6% 75.6% 82.9%
Operating margin 20.7% −9.3% −61.7% −92.4% 6.0% −12.2% −189.4%
Operating margin, 3-year average 26.6% −416.8% −781.5% <−999% 1.6% −66.8% −363.5%
Net margin 29.4% −30.2% −72.3% −83.0% 7.9% −20.7% −169.8%
Cash from operations / revenue 46.5% −7.5% −61.2% −66.8% 22.7% −6.8% −168.0%
Free-cash-flow margin 46.3% −7.7% −61.2% −67.1% 20.1% −7.8% −162.4%
Free-cash-flow margin, 3-year average 45.5% −367.9% −652.6% <−999% 5.3% −43.0% −310.0%
Stock pay / revenue 17.7% 8.6% 18.2% 15.5% 12.2% 15.9% 20.0%
Change in share count 2.8% 12.3% 2.5% 8.2% 0.6% 4.1% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 34.8% 12.6% 64 of 172
Change in growth rate Growth +99.2pp -0.1pp 19 of 172
Operating margin Profitability 20.7% -189.4% 22 of 175
Net margin Profitability 29.4% -157.3% 18 of 180
Free-cash-flow margin Cash generation 46.3% -145.4% 7 of 176
Stock pay as % of revenue Cash generation 17.7% 19.2% 86 of 179
Change in share count Balance sheet 2.8% 7.9% 52 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$9.3B
Institutions reporting
342
Shares held vs prior quarter
▼ 3.9%
Positions opened / closed
58 / 36

Top buyers and sellers, Q2 2026: 198 institutions bought and 124 sold ; the biggest buyer was Blackrock, Inc (+528K shares) and the biggest seller UBS Group AG (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.3B 10.3M 13.6% ▲ 5.4%
Farallon Capital Management, L.L.C. $778M 6.3M 8.4% 0.0%
RTW Investments, LP $620M 5.1M 6.7% 0.0%
Vanguard Portfolio Management LLC $445M 3.6M 4.8% ▲ 4.3%
Wellington Management Group LLP $419M 3.4M 4.5% ▼ 5.1%
UBS Group AG $417M 3.4M 4.5% ▼ 34.4%
State Street Corp $407M 3.3M 4.4% ▲ 6.6%
Vanguard Capital Management LLC $350M 2.9M 3.8% ▲ 1.7%
Johnson & Johnson $300M 2.4M 3.2% 0.0%
Invesco Ltd. $287M 2.3M 3.1% ▲ 8.1%
Price T Rowe Associates Inc $264M 2.1M 2.8% ▲ 29.1%
Jupiter Topco LLC $261M 2.1M 2.8% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Protagonist Therapeutics, Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $95.2M 37 trades by 7 insiders · 55% under pre-set plans
Net ▼ $95.2M net selling
Insider Date Trade Shares Price Value
Ali Asif Chief Financial Officer September 30, 2026 Sell pre-set plan 46,034 $141.78 $6.5M
Ali Asif Chief Financial Officer September 30, 2026 Sell pre-set plan 12,595 $141.77 $1.8M
Patel Dinesh V Ph D President and CEO September 10, 2026 Sell pre-set plan 7,278 $144.10 $1M
Patel Dinesh V Ph D President and CEO September 9, 2026 Sell pre-set plan 63,548 $146.18 $9.3M
Patel Dinesh V Ph D President and CEO September 8, 2026 Sell pre-set plan 54,174 $145.87 $7.9M
Patel Dinesh V Ph D President and CEO August 11, 2026 Sell pre-set plan 34,239 $148.52 $5.1M
Patel Dinesh V Ph D President and CEO August 10, 2026 Sell pre-set plan 65,761 $149.11 $9.8M
Waddill William D. Director June 23, 2026 Sell pre-set plan 9,000 $117.94 $1.1M
Waddill William D. Director June 10, 2026 Sell pre-set plan 9,000 $107.68 $969,120
Waddill William D. Director May 29, 2026 Sell pre-set plan 9,000 $99.64 $896,760
Patel Dinesh V Ph D President and CEO May 12, 2026 Sell 75,000 $100.12 $7.5M
Patel Dinesh V Ph D President and CEO May 12, 2026 Sell pre-set plan 75,000 $100.12 $7.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • February 25, 2026
  • November 6, 2025
  • August 6, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Protagonist Therapeutics, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Protagonist Therapeutics, Inc in brief

What does Protagonist Therapeutics, Inc do?
Protagonist Therapeutics, Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Protagonist Therapeutics, Inc's stock ticker?
Protagonist Therapeutics, Inc trades under the ticker PTGX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Protagonist Therapeutics, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Protagonist Therapeutics, Inc reported revenue of $282M, 34.8% higher than a year earlier, according to its SEC filings.
What is Protagonist Therapeutics, Inc's free cash flow?
Protagonist Therapeutics, Inc's free-cash-flow margin is 46.3% of revenue over the trailing twelve months, ranking 7 of the 176 biotechnology companies we cover.
Who are Protagonist Therapeutics, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Farallon Capital Management, L.L.C. and RTW Investments, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Protagonist Therapeutics, Inc's market cap?
On November 2, 2026, Protagonist Therapeutics, Inc's market capitalisation was about $9.4B, with a price-to-earnings ratio of 113.2 and net debt of -$420M. Market figures come from third-party market data and may be delayed.
Who are Protagonist Therapeutics, Inc's competitors?
In our Biotechnology peer group, the companies closest to Protagonist Therapeutics, Inc are Phathom Pharmaceuticals, Inc., Syndax Pharmaceuticals Inc, Vir Biotechnology, Inc., Vericel Corp and Adaptive Biotechnologies Corp. The side-by-side comparison below sets their revenue, margins and growth against Protagonist Therapeutics, Inc's.
Are insiders buying or selling Protagonist Therapeutics, Inc stock?
Over the last 12 months, Protagonist Therapeutics, Inc's directors and officers reported 0 open-market purchases and 37 sales on Form 4. The insider trading page charts every trade.
When is Protagonist Therapeutics, Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Protagonist Therapeutics, Inc announces its own schedule.