PTGX
Protagonist Therapeutics, Inc.
PTGX's fundamentals are strong: revenue more than doubled and its operating margin rose 49 points to 59%. At 28x earnings, it's trading about half its usual 55x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
PTGX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
PTGX's revenue, profitability, cash flow and balance sheet are all currently healthy.
PTGX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $62.70 | -53% |
| Current | 28x | $134 | — |
| Fair | 42x | $197 | +47% |
| Expensive | 131x | $618 | +360% |
| Forward | 1,621x | $134 | — |
Historical ranges are pointers, not guarantees.
PTGX's PE is in its fair range at 28x. Analysts expect earnings to fall, which would put today's price at 1621x next year's earnings, in its expensive range.
PTGX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect PTGX's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
PTGX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.08 | -98% |
| Q3 2026 | $4.72 | +626% |
| Q2 2026 | $1.03 | +41% |
| Q1 2026 | -$1.81 | -332% |
| Q4 2025 | -$2.05 | -148% |
| Q3 2025 | $0.65 | -76% |
| Q2 2025 | $0.73 | -73% |
| Q1 2025 | $0.78 | -69% |
| Q4 2024 | $4.23 | +$5.62 |
PTGX's earnings per share have jumped to their highest in seven years: $4.72 over the past year, up from $0.65 the year before.
PTGX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $274.4M | +5724% |
| Q2 2026 | $213.5M | +3749% |
| Q1 2026 | $56.4M | +99% |
| Q4 2025 | $7.4M | -96% |
| Q3 2025 | $4.7M | +0.8% |
| Q2 2025 | $5.5M | +33% |
| Q1 2025 | $28.3M | -89% |
| Q4 2024 | $170.6M | +184% |
PTGX's revenue is growing: $274M last quarter, up 5724% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +1065 points |
| Q2 2026 | 74% | +832 points |
| Q1 2026 | -6.5% | +62 points |
| Q4 2025 | -677% | -751 points |
| Q3 2025 | -985% | -99 points |
| Q2 2025 | -758% | +173 points |
| Q1 2025 | -68% | -149 points |
| Q4 2024 | 74% | +36 points |
PTGX's operating margin was 80% last quarter, up 1065 points from the same quarter a year ago.
PTGX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.5M | -$21.4M |
| Q2 2026 | $218.9M | +$248.5M |
| Q1 2026 | -$49.2M | -139% |
| Q4 2025 | -$37.1M | -$7.6M |
| Q3 2025 | -$2M | +$26.6M |
| Q2 2025 | -$29.6M | -111% |
| Q1 2025 | $124.8M | +$152.5M |
| Q4 2024 | -$29.5M | -274% |
PTGX has burned cash in almost every quarter: $109M over the past year, up 71% from the year before.
PTGX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +725K shares |
| 1 year | +12% | +8M shares |
| 3 years | +21% | +12.5M shares |
| 5 years | +49% | +23.7M shares |
| Available history | +177% | +45.8M shares |
PTGX has 72M diluted shares, up 12% from a year ago.
PTGX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -7.0x | Net Cash |
| Q3 2025 | -5.7x | Net Cash |
| Q2 2025 | -6.8x | Net Cash |
| Q1 2025 | -5.0x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
| Q3 2024 | -0.9x | Net Cash |
| Q2 2024 | -2.3x | Net Cash |
PTGX has more cash than debt.
PTGX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.7 | Neutral |
| Stochastic | 31.1 | Neutral |
PTGX's weekly RSI is 53 (neutral) and its Stochastic is 31 (neutral).
PTGX PE vs Healthcare Sector
| Metric | PTGX | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 26x | 10% above |
| PE % | 49 | 29 | 20 pts above |
PTGX is trading at 28x earnings, a 10% premium to the Healthcare sector's median of 26x.
PTGX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $138.0 | 2.6% below |
| 20 week MA | $140.9 | 4.6% below |
| 50 week MA | $113.3 | 19% above |
| 100 week MA | $83.7 | 61% above |
| 200 week MA | $55.7 | 141% above |
PTGX has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 141% above its 200-week average.
PTGX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.00 | $23.8 | +239% |
| 2021 | $23.8 | $34.3 | +44% |
| 2022 | $34.3 | $10.1 | -71% |
| 2023 | $10.1 | $22.9 | +127% |
| 2024 | $22.9 | $39.0 | +70% |
| 2025 | $39.0 | $88.8 | +128% |
| 2026 YTD | $88.8 | $134.4 | +51% |
PTGX's yearly returns have swung widely, from +239% in 2020 to −71% in 2022. It's up 51% so far in 2026.