PTGX
HealthcareProtagonist Therapeutics, Inc. · Biotechnology · $6B
What is Protagonist Therapeutics, Inc.?
Protagonist Therapeutics is a clinical-stage biopharmaceutical company focused on peptide-based medicines for blood disorders and inflammatory diseases. Its pipeline targets conditions with limited treatment options, backed by a collaboration with Janssen Biotech.
The company discovers and develops peptide-based drugs designed to treat hematology conditions and inflammatory diseases. Revenue potential depends on advancing clinical candidates through trials and leveraging its Janssen collaboration. Protagonist does not yet generate product revenue in the traditional sense — its business model centers on pipeline development, milestone payments, and partnership economics rather than commercial drug sales.
Protagonist Therapeutics was incorporated in 2006 and is headquartered in Newark, California.
- Rusfertide (PTG-300) — injectable hepcidin mimetic for polycythemia vera and blood disorders
- PN-943 — oral integrin antagonist peptide in trials for inflammatory bowel disease
- PN-235 — orally delivered IL-23 receptor antagonist for IBD and related indications
- Janssen Biotech collaboration covering hematology pipeline development
Is PTGX a Good Stock to Buy?
UQS Score rates PTGX as Poor overall, reflecting the early-stage nature of its pipeline and the financial profile typical of pre-commercial biotechs.
The Risk pillar stands out as the relative bright spot within the UQS framework, suggesting the company carries a more manageable risk profile than many peers at a similar development stage. Growth is rated Neutral, acknowledging pipeline progress without yet demonstrating commercial traction.
Quality and Moat are both rated Weak, consistent with a company that has no approved products and limited durable competitive advantages established to date. Valuation is rated Elevated, meaning the market is pricing in significant future success.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does PTGX pay dividends?
No — Protagonist Therapeutics, Inc. does not currently pay a dividend.
Protagonist Therapeutics does not pay a dividend, which is standard for clinical-stage biopharmaceutical companies. Available capital is directed toward funding clinical trials, research operations, and partnership activities. Investors in PTGX are typically seeking pipeline-driven value appreciation rather than income.
When does PTGX report earnings?
Protagonist Therapeutics reports financial results on a quarterly cadence, consistent with US-listed public companies.
As a pre-commercial biotech, quarterly results are shaped primarily by collaboration revenue, research spending, and cash runway rather than product sales. Clinical milestones and partnership updates tend to carry more weight than headline earnings figures for investors tracking the story.
For the most recent quarter's results and management commentary, visit Protagonist Therapeutics' investor relations page directly.
PTGX Price History
+201.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Protagonist Therapeutics, Inc.?
Based on Protagonist Therapeutics, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
PTGX Long-term Outlook
The fundamental outlook for PTGX hinges on clinical execution across its peptide pipeline. A Neutral Growth rating reflects that the company has meaningful catalysts ahead — particularly rusfertide's Phase II progress — but has not yet converted pipeline promise into commercial revenue. The Elevated Valuation rating signals that expectations are already high relative to the company's current financial profile, leaving limited margin for setbacks.
Growth drivers
- Advancement of rusfertide through clinical trials in polycythemia vera and related blood disorders
- Milestone and collaboration payments from the Janssen Biotech partnership
- Potential label expansion of PN-943 and PN-235 across IBD and non-IBD indications
Key risks
- Clinical trial failure or delays could significantly reset market expectations
- Elevated valuation leaves the stock vulnerable to disappointment on pipeline readouts
- Pre-commercial stage means ongoing cash consumption with no product revenue buffer
PTGX vs Peers
Protagonist competes within a broader universe of clinical-stage biotechs developing targeted therapies for hematology and inflammatory conditions.
Arcellx focuses on cell therapy approaches for blood cancers, representing a different modality than Protagonist's peptide-based platform.
Belite Bio targets rare retinal diseases, occupying a distinct therapeutic niche from Protagonist's hematology and IBD focus.
Kymera pursues targeted protein degradation, a mechanistically different approach to treating inflammatory and oncology diseases.
Frequently Asked Questions
What does Protagonist Therapeutics do?
Protagonist Therapeutics discovers and develops peptide-based drugs targeting blood disorders and inflammatory diseases. Its lead programs include rusfertide for polycythemia vera and oral candidates for inflammatory bowel disease. The company operates as a clinical-stage biotech with a key collaboration agreement with Janssen Biotech.
Does PTGX pay dividends?
No, Protagonist Therapeutics does not pay a dividend. The company reinvests available capital into clinical development and research operations. This is typical for pre-commercial biopharmaceutical companies where pipeline advancement takes priority over returning cash to shareholders.
When does PTGX report earnings?
Protagonist Therapeutics reports on a quarterly cadence, as is standard for US-listed public companies. For exact dates and the most recent results, check the investor relations section of the company's official website.
Is PTGX a good stock to buy?
UQS Score rates PTGX as Poor overall, driven by Weak Quality and Moat ratings alongside an Elevated Valuation. The Risk pillar is the relative strength. Whether PTGX fits a portfolio depends on an investor's appetite for clinical-stage biotech risk and pipeline conviction. The full UQS breakdown is available to Pro members.
Is PTGX overvalued?
UQS Score assigns an Elevated Valuation rating to PTGX, indicating the market is pricing in a high degree of future success relative to the company's current financial profile. For a pre-commercial biotech, this means clinical outcomes carry outsized influence on whether the valuation proves justified.
How does PTGX compare to its competitors?
Protagonist operates in a competitive clinical-stage biotech landscape alongside companies like Arcellx, Belite Bio, and Kymera Therapeutics. Each pursues different therapeutic modalities and disease areas. PTGX's peptide-based platform and Janssen partnership distinguish its approach, though all face the shared challenge of pre-commercial risk.
What is PTGX's market cap bracket?
Protagonist Therapeutics is classified as a mid-cap company. Within the biotech sector, mid-cap clinical-stage companies often carry meaningful pipeline optionality alongside significant binary risk tied to trial outcomes.
Who founded Protagonist Therapeutics?
Protagonist Therapeutics was incorporated in 2006. Founding details are widely available through public records and the company's official corporate history page for those seeking more background on its origins.
Is PTGX a long-term quality indicator?
As a long-term quality indicator, UQS rates PTGX as Poor, reflecting Weak Quality and Moat scores that are characteristic of pre-commercial biotechs without approved products. Long-term quality typically improves as companies demonstrate durable revenue, competitive advantages, and consistent financial performance — milestones PTGX has not yet reached.
What is the main competitive advantage of Protagonist Therapeutics?
Protagonist's core differentiation lies in its proprietary peptide chemistry platform, which enables oral and injectable drug candidates in areas where existing treatments are limited. The Janssen Biotech collaboration also provides validation and resources that smaller biotechs typically lack at this stage.
What sector does PTGX belong to?
PTGX is classified within the Healthcare sector, specifically as a clinical-stage biopharmaceutical company. It sits within the drug discovery and development segment, focused on hematology and inflammatory disease indications.
Is PTGX a growth stock or value stock?
Based on UQS pillar labels, PTGX carries a Neutral Growth rating and an Elevated Valuation rating — a combination more consistent with a speculative growth profile than a value investment. The market is pricing in future pipeline success rather than current financial performance.
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Pro Analysis
PTGX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 23.2 | 2.9 | 13.0 | 49.3 | 62.4 | 0.0 | -1.2 |
| Apr 2, 2026 | 24.4 | 4.7 | 13.0 | 49.3 | 67.6 | 0.0 | — |
PTGX — Pillar Breakdown
Quality
— 2.9/100 (25%)Protagonist Therapeutics, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 49.3/100 (20%)Protagonist Therapeutics, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 62.4/100 (15%)Protagonist Therapeutics, Inc. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Protagonist Therapeutics, Inc. appears expensively valued relative to its fundamentals and growth prospects.
How many years of FCF the market cap represents.
Moat
— 13/100 (25%)Protagonist Therapeutics, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for PTGX.
Score Composition
Financial Data
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How is the PTGX UQS Score Calculated?
The UQS (Unified Quality Score) for Protagonist Therapeutics, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Protagonist Therapeutics, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Protagonist Therapeutics, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.