Protagonist Therapeutics
Discovers peptide medicines and earns collaboration economics from partnered ICOTYDE and rusfertide.
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Profile
Discovers peptide medicines for immune diseases, blood disorders, and obesity, combining wholly owned research programs with collaborations that generate milestones and royalties. ICOTYDE is sold by Johnson & Johnson, while rusfertide is under FDA priority review and licensed worldwide to Takeda.
Uses a proprietary discovery platform to create peptide medicines for inflammation and immunology, hematology, and metabolic disease. ICOTYDE, an oral IL-23 receptor blocker discovered with Johnson & Johnson, is approved in the U.S. for moderate-to-severe plaque psoriasis and sold by that partner under a milestone-and-royalty arrangement.
Advanced rusfertide, an injectable hepcidin mimetic for polycythemia vera, from discovery through late-stage development; it is under FDA priority review and Takeda holds exclusive worldwide rights. Wholly owned programs include oral IL-17 antagonist PN-881, obesity candidate PN-477, and oral hepcidin mimetic PN-8047.
Operates primarily from the United States while partnered programs address global markets. Revenue depends on partner-led commercialization, regulatory approvals, and clinical execution across the wholly owned pipeline.
Company facts
Key statistics
Year to date +65.5% · Average volume (30d) 507.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | BMO Capital | Reiterate | Outperform | $62 | $178 | |
| Aug 10, 2026 | Truist Financial | Target | $145 | $170 | ||
| Aug 10, 2026 | Wedbush | Reiterate | Outperform | $70 | $173 | |
| Aug 10, 2026 | UBS | Upgrade | Buy | |||
| Aug 10, 2026 | Goldman Sachs | Upgrade | Neutral | Buy | $110 | $186 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $2.27 | $2.29 | +0.9% | $212.0M | $213.5M | +0.7% | +6.45% |
| May 5, 2026Q1 FY26 | −$0.65 | $0.05 | +107.7% | $11.7M | $56.4M | +381.7% | +4.80% |
| Feb 25, 2026Q4 FY25 | −$0.53 | −$0.69 | −30.2% | $8.7M | $7.4M | −14.9% | +1.48% |
| Nov 6, 2025Q3 FY25 | −$0.59 | −$0.62 | −5.1% | $14.9M | $4.7M | −68.4% | −0.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $28.3M | $5.5M | $4.7M | $7.4M | $56.4M | $213.5M | |
| Gross profit | $28.3M | $5.5M | $4.7M | $7.4M | $56.0M | $213.5M | |
| Operating income | −$19.3M | −$42.0M | −$46.4M | −$50.4M | −$3.6M | $158.8M | |
| Net income | −$11.7M | −$34.8M | −$39.3M | −$44.4M | $3.8M | $162.8M | |
| Diluted EPS | −$0.19 | −$0.55 | −$0.62 | −$0.69 | $0.05 | $2.29 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 99.3% | 100.0% | |
| Operating margin | -68.2% | -758.0% | -985.2% | -677.1% | -6.5% | 74.4% |
Fiscal years (4-quarter sums)FY21 $27.4M · FY22 $26.6M · FY23 $60.0M · FY24 $434.4M · FY25 $46.0M
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $782.6M · Total debt $9.2M · Total assets $885.5M · Shareholders' equity $841.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 64.31M · Float 52.49M · 81.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.31M | 16.03% | 13F | Aug 7, 2026 |
| Farallon Capital Management LLC | 6.35M | 9.87% | 13F | Aug 14, 2026 |
| RTW Investments, LP | 5.06M | 7.87% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 3.63M | 5.64% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 3.42M | 5.31% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Dinesh V. Ph D. Patel | director, officer: President and CEO | −34,239 | $148.52 |
| Aug 10, 2026 | Dinesh V. Ph D. Patel | director, officer: President and CEO | −65,761 | $149.11 |
| Jun 23, 2026 | William D. Waddill | director | −9,000 | $117.94 |
| Jun 10, 2026 | William D. Waddill | director | −9,000 | $107.68 |
| May 29, 2026 | William D. Waddill | director | −9,000 | $99.64 |
Peers
- Bristol-Myers Squibb
Direct oral TYK2 benchmark in plaque psoriasis
- AbbVie
Injectable IL-23 efficacy benchmark for psoriasis
- Incyte
U.S. Jakafi incumbent in polycythemia vera
- Novartis (ADR)
Global IL-17 and ruxolitinib competitor
- Eli Lilly
IL-17 psoriasis and obesity-peptide scale overlap
- Merck
Emerging oral MPN challenger through bomedemstat
- Ionis Pharmaceuticals
RNA-targeted hepcidin-axis PV challenger
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Protagonist Therapeutics | $146.05 | +1.23% | $9.28B | 139.6 | 64.7 | 32.9 | +3,749.2% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Incyte | $124.37 | −0.03% | $25.21B | 15.8 | 43.0 | 4.3 | +37.7% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Ionis Pharmaceuticals | $61.05 | +0.02% | $10.15B | — | — | 11.6 | −40.7% |
| Median | 31.3 | 17.0 | 5.5 | +5.7% |