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PTGX

Protagonist Therapeutics

$11.10

4.08 (58.12%)

08:55
08/07/18
08/07
08:55
08/07/18
08:55

Protagonist to offer 2.75M shares, warrants via Securities Purchase Agreement

Protagonist Therapeutics announced in a regulatory filing that on August 6 it entered into a Securities Purchase Agreement with certain purchasers pursuant to which the company will offer to the purchasers, up to an aggregate of an aggregate of 2.75M shares of common stock at a negotiated purchase price of $8.00 per share, for aggregate gross proceeds to the company of approximately $22M, before deducting estimated offering expenses payable by the company. In a concurrent private placement, the company is selling warrants to purchase an aggregate of 2.75M shares of common stock. Each Warrant will be exercisable from the date of issuance of the common stock until the five-year anniversary of the closing date. Warrants to purchase 1.375M shares will have an exercise price of $10.00 per share and Warrants to purchase 1.375M shares will have an exercise price of $15.00 per share.

PTGX Protagonist Therapeutics
$11.10

4.08 (58.12%)

03/27/18
BMOC
03/27/18
NO CHANGE
Target $13
BMOC
Outperform
Protagonist Therapeutics price target lowered to $13 from $42 at BMO Capital
BMO Capital analyst M. Ian Somaiya slashed his price target on Protagonist Therapeutics (PTGX) to $13 following the announcement that the company is discontinuing its Phase 2b study of PTG-100 in patients with moderate to severe ulcerative colitis. Somaiya adds that his valuation is now driven by the risk-adjusted sales model for PTG-200, which "represents a higher probability clinical program with peak sales of over $2B". The analyst also notes that he continues to exclude the clinical data of PTG-300 from his model. Despite the steep price target revision, Somaiya keeps his Outperform rating and recommends that investors buy into the weakness after the PTG-100 clinical disappointment on anticipated PTG-200 data and the advancement of Johnson&Johnson (JNJ) - shared Stelara.
06/06/18
LEHM
06/06/18
DOWNGRADE
Target $8.5
LEHM
Equal Weight
Protagonist downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Douglas Tsao downgraded Protagonist Therapeutics to Equal Weight and lowered his price target for the shares to $8.50 from $30. The analyst continues to see value in the company's pipeline assets, but does expect achievement of key catalysts until the second half of 2019. As such, the analyst sees greater near-term potential in small cap names with catalysts upcoming, such as Foamix (FOMX).
08/06/18
LEER
08/06/18
NO CHANGE
Target $21
LEER
Outperform
Protagonist price target raised to $21 after study re-analysis at Leerink
Leerink analyst Joseph P. Schwartz raised his price target on Protagonist Therapeutics shares to $21 from $13 after the company announced results from an independent blinded re-analysis of the Phase 2 PROPEL study of oral alpha-4-beta-7 integrin antagonist PTG-100 for the treatment of patients with ulcerative colitis. He maintains an Outperform rating on Protagonist shares.
08/06/18
LEER
08/06/18
NO CHANGE
Target $21
LEER
Outperform
Protagonist Therapeutics' PTG-100 'back on track,' says Leerink
Leerink analyst Joseph Schwartz says PTG-100 in Ulcerative colitis is "back on track," increasing his confidence in Protagonist Therapeutics' peptide technology platform. The analyst notes that the company reported this morning an unexpected, but very positive, turnaround of its lead program, PTG-100, and will now pursue late-stage clinical development, assuming a positive discussion with the FDA occurs in 2H. While it is unfortunate that the program lost some time when the data set was initially mis-scored and deemed futile when in fact today's news suggests that PTG-100 could have robust clinical efficacy, Schwartz believes that Protagonist's persistence to uncover the truth leading to the resuscitation of the program is positive. The analyst reiterates an Outperform rating on the stock and raised his price target on the shares to $21 from $13.

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