Protagonist Therapeutics, Inc. (PTGX) AI Stock Analysis

Protagonist Therapeutics, Inc. is a biopharmaceutical firm headquartered in Newark, California, founded in 2006 with 141 employees. The company discovers and develops peptide-based therapeutics targeting hematology, blood disorders, inflammatory diseases, and immunomodulatory conditions. Its pipeline includes rusfertide (PTG-300), an injectable hepcidin mimetic in Phase II trials for polycythemia vera and hereditary hemochromatosis. It is also advancing oral candidates through clinical testing, including PN-943 in Phase II trials for inflammatory bowel disease and PN-235 for both inflammatory bowel disease and non-IBD indications. The company operates under a strategic collaboration framework with Janssen Biotech, Inc. to advance research, development, and commercialization.

Annual performance has shown substantial variability over recent fiscal years. Revenue moved from $27.4M in FY2021 and $26.6M in FY2022 to $60.0M in FY2023, then surged 624.1% to $434.4M in FY2024 with net income of $275.2M. In FY2025, revenue contracted 89.4% to $46.0M, generating net income of -$130.1M and an operating margin of -343.6%. For the trailing twelve months, revenue was $282.0M with a profit margin of 29.4% and an operating margin of 74.4%. In the latest quarter ended June 30, 2026, quarterly revenue growth was 3749.2% year-over-year, while quarterly earnings grew 351.3%.

As of June 30, 2026, Protagonist Therapeutics reported $782.6M in cash and short-term investments against total debt of $9.2M, providing a net cash position of $773.4M. Shareholders' equity stood at $841.5M, and the current ratio was 21.71 with a debt-to-equity ratio of 0.01. In FY2025, operating cash flow reached $57.7M and free cash flow was $56.1M, supported by low capital expenditures of $1.6M. Over the past five years, the company's share count expanded by 47.5%.

At a last close of $128.75 on October 16, 2026, Protagonist Therapeutics carried a market cap of $8.33B and an enterprise value of $8.20B. The stock trades at a trailing price-to-earnings ratio of 125.0x and a forward price-to-earnings ratio of 36.9x, compared to medians of 24.6x and 17.3x for its US-listed Healthcare peers. Its price-to-sales multiple of 29.5x and EV to EBITDA of 137.0x also sit above peer medians of 4.1x and 12.0x. Over the past year, PTGX returned 70.0% versus 16.8% for the S&P 500, and over five years returned 315.7% compared to 83.0%.

Wall Street sentiment includes 11 Strong Buy ratings, 3 Buy ratings, and 0 Hold or Sell ratings. The mean price target is $178.21, representing an upside of 38.4% from the last close of $128.75. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $541.6M and EPS of $4.66, reflecting EPS growth of 327.1%. For the next fiscal year, 13 analysts project revenue to decrease 61.0% to $211.3M and an EPS of -$0.15. Protagonist Therapeutics beat EPS estimates in 3 of the last 4 quarters, with next earnings scheduled for November 5, 2026.

This page is an AI-written research summary of Protagonist Therapeutics, Inc. (PTGX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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