Stocks · Healthcare · Biotechnology
Protagonist Therapeutics, Inc. PTGX
$140.63 +0.41% Close, Oct 5, 2026 · NASDAQ · Market cap $9.01B
Strong growthHigh qualityStrong trendLow risk
Next earnings report: Nov 5, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Over the past year the stock returned +116.4%, ahead of the S&P 500 by 100.7 percentage points.
- At 136.0× trailing earnings, the shares trade at the highest P/E of the company's past five years.
- Operating margin widened to 20.7% from 11.5% a year earlier.
PromtFinance scores
Each score is a percentile within the Healthcare sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 22%
- EPS growth (TTM, YoY)Top 28%
- FCF growth (TTM, YoY)Top 6%
- Revenue growth, 3-year CAGRTop 30%
- Revenue growth accelerationTop 4%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 20%
- Gross marginTop 5%
- Operating marginTop 13%
- Cash conversion (OCF / net income)Bottom 50%
- Accruals (lower is better)Bottom 45%
- Net debt / EBITDA (lower is better)Top 7%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 28%
- Free-cash-flow yieldTop 31%
- EBITDA / enterprise valueTop 35%
- Sales / enterprise valueBottom 16%
- P/E vs own 5-year history (lower is better)Bottom 4%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 13%
- 6-month returnTop 29%
- 1-year return vs S&P 500Top 12%
- Distance from 52-week highTop 22%
- Trend checklist (0–4)Top 43%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 25%
- Consecutive EPS beatsTop 35%
- Share of analysts rating BuyTop 10%
- Upside to consensus price targetBottom 33%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 18%
- Maximum drawdown, 3 yearsTop 5%
- Beta vs S&P 500 (lower is better)Top 2%
- Net debt / EBITDA (lower is better)Top 7%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -64.4% | 34.8% | ↑ |
| EPS growth (YoY) | -340.8% | 47.7% | ↑ |
| Gross margin | 100.0% | 99.9% | ↓ |
| Operating margin | 11.5% | 20.7% | ↑ |
| FCF margin | 17.7% | 46.9% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 34.8% | -64.4% | ↑ | Top 22% |
| EPS growth (TTM, YoY) | 47.7% | -340.8% | ↑ | Top 28% |
| Gross margin | 99.9% | 100.0% | ↓ | Top 5% |
| Operating margin | 20.7% | 11.5% | ↑ | Top 13% |
| Net margin | 29.4% | 24.9% | ↑ | — |
| Free-cash-flow margin | 46.9% | 17.7% | ↑ | — |
| Return on invested capital | 6.7% | — | Top 20% | |
| Revenue growth, 3-year CAGR | 20.1% | — | Top 30% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.58×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -5.5%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 17.7%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -86.8 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -4.81×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -0.46%
- Shareholder yield
- -0.46%
- Share count change, 1 year
- +11.8%
- Share count change, 3-year CAGR
- +7.7%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 2
- Beats in the last 8 reports
- 5 of 8
- Average EPS surprise, last 4
- +18.8%
- Average 2-day reaction, last 8
- -0.2%
- Positive 20 days after report
- 6 of 8
Analysts
- Consensus price target
- $176.29
- Target vs current price
- +25.4%
- Analysts with a rating
- 26
- Share rating Buy or Strong Buy
- 100%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 5, 2026 | +2.7% | +1.1% | +9.2% | +7.9% | — |
| May 5, 2026 | +107.7% | -0.3% | +4.0% | -6.3% | +39.3% |
| Feb 25, 2026 | -30.2% | -0.3% | +4.5% | +14.9% | +15.4% |
| Nov 6, 2025 | -5.1% | +2.4% | +8.9% | +12.1% | +9.9% |
| Aug 6, 2025 | -3.8% | -0.1% | +1.2% | +7.8% | +42.3% |
| May 6, 2025 | +62.0% | -5.1% | +2.2% | +15.3% | +21.6% |
| Feb 21, 2025 | +3200.0% | +0.7% | -5.6% | +37.8% | +15.6% |
| Nov 7, 2024 | +8.5% | +0.0% | -10.4% | -12.4% | -19.1% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 5, 2026 | $2.29 | $2.23 | +2.7% | $213.5M |
| May 5, 2026 | $0.05 | -$0.65 | +107.7% | $56.4M |
| Feb 25, 2026 | -$0.69 | -$0.53 | -30.2% | $7.4M |
| Nov 6, 2025 | -$0.62 | -$0.59 | -5.1% | $4.7M |
| Aug 6, 2025 | -$0.55 | -$0.53 | -3.8% | $5.5M |
| May 6, 2025 | -$0.19 | -$0.50 | +62.0% | $28.3M |
| Feb 21, 2025 | $1.98 | $0.06 | +3200.0% | $170.6M |
| Nov 7, 2024 | -$0.54 | -$0.59 | +8.5% | $4.7M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 136.0× | 37.0× | 100th | Top 28% |
| P/E (forward) | 30.1× | — | — | — |
| EV / EBITDA | 100.6× | — | — | Top 35% |
| EV / Sales | 30.49× | — | — | Bottom 16% |
| Free-cash-flow yield | 1.47% | — | — | Top 31% |
| Earnings yield | 0.74% | — | — | Top 28% |
P/E over the past five years
Range 9.2× – 132.8× since Mar 31, 2024. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +116.4%
- Earnings per share growth (TTM)
- +47.7%
- Change in P/E multiple
- +1339.2%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 355
- 50-day average slope (20 days)
- +2.9%
- 200-day average slope (20 days)
- +5.1%
- Distance from 50-day average
- -3.1%
- Distance from 200-day average
- +26.2%
- RSI (14)
- 45.0
- Relative volume
- 1.73×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 36.6%
- Volatility vs own 5-year history
- 7th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- -0.15
- Correlation with S&P 500
- -0.04
- Current drawdown from 1-year high
- -11.3%
- Maximum drawdown, 3 years
- -31.6%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Sep 1, 2021 | Jun 13, 2022 | -85.8% | 196 days | 686 days (Mar 10, 2025) |
| Mar 11, 2025 | Apr 10, 2025 | -31.6% | 22 days | 95 days (Aug 27, 2025) |
| Dec 22, 2020 | Jan 5, 2021 | -24.3% | 8 days | 24 days (Feb 9, 2021) |
| Dec 8, 2020 | Dec 15, 2020 | -19.2% | 5 days | 5 days (Dec 22, 2020) |
| Mar 19, 2021 | Mar 29, 2021 | -19.0% | 6 days | 35 days (May 18, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $9.01B
- P/E (TTM)
- 136.0
- EPS, diluted (TTM)
- $1.03
- Revenue (TTM)
- $282.0M
- 52-week range
- $62.24 – $160.81
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M |
| Gross profit | $27.4M | $26.6M | $60.0M | $434.4M | $44.8M |
| Operating income | -$125.8M | -$131.4M | -$93.7M | $252.8M | -$158.1M |
| Net income | -$125.6M | -$127.4M | -$79.0M | $275.2M | -$130.1M |
| EPS (diluted) | -$2.65 | -$2.52 | -$1.39 | $4.23 | -$2.05 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7M | $170.6M | $28.3M | $5.5M | $4.7M | $7.4M | $56.4M | $213.5M |
| Net income | -$33.2M | $131.7M | -$11.7M | -$34.8M | -$39.3M | -$44.4M | $3.8M | $162.8M |
| EPS (diluted) | -$0.54 | $1.98 | -$0.19 | -$0.55 | -$0.62 | -$0.69 | $0.05 | $2.29 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | -$107.9M | -$108.1M | -$70.2M | $184.2M | $57.7M |
| Capital expenditure | -$1.1M | -$795,000 | -$609,000 | -$1.4M | -$1.6M |
| Free cash flow | -$109.0M | -$108.9M | -$70.8M | $182.8M | $56.1M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $123.8M | $14.6M | $132.1M | $26.5M | $23.3M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $782.6M
- Total assets
- $885.5M
- Total liabilities
- $44.0M
- Total debt
- $9.2M
- Net debt
- -$410.9M
- Shareholders’ equity
- $841.5M
As of Jun 30, 2026 (filed Aug 5, 2026).
Short interest
- Shares sold short
- 8,140,194
- Days to cover
- 15.13
- Change vs previous report
- +5.5%
FINRA short interest, settlement date Sep 15, 2026.