Protagonist Therapeutics (PTGX)
Discovers peptide medicines and earns collaboration economics from partnered ICOTYDE and rusfertide.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | BMO Capital | Reiterate | Rating: —Target: $178 | Target: $190 |
| Sep 1, 2026 | Barclays | Reiterate | Rating: —Target: $153 | Target: $180 |
| Aug 31, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $117 | Target: $170 |
| Aug 17, 2026 | BMO Capital | Reiterate | Rating: —Target: $62 | Target: $178 |
| Aug 10, 2026 | Truist Financial | Target | Target: $145 | Target: $170 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $782.6M · Total debt $9.2M · Total assets $885.5M · Shareholders' equity $841.5M
- Revenue
- $213.5M
- Operating income
- $158.8M
- Net income
- $162.8M
Unavailable right now.
Unavailable right now.
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Protagonist Therapeutics | $146.01 | +0.71% | $9.32B | 140.3 | 72.9 | 33.1 | +3,749.2% |
| Bristol-Myers Squibb | $62.88 | +0.42% | $127.91B | 13.8 | 9.8 | 2.6 | +5.7% |
| AbbVie | $263.99 | −0.19% | $467.37B | 74.5 | 17.4 | 7.3 | +10.2% |
| Incyte | $125.42 | +0.62% | $25.27B | 15.9 | 51.9 | 4.3 | +37.7% |
| Novartis (ADR) | $141.25 | +0.19% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Eli Lilly | $1,167.43 | +0.22% | $1.10T | 39.1 | 28.6 | 13.8 | +47.7% |
| Merck | $151.31 | +1.21% | $369.24B | 119.6 | 17.5 | 5.6 | +5.1% |
| Ionis Pharmaceuticals | $45.19 | +0.65% | $7.46B | — | — | 8.5 | −40.7% |
| Median | 30.2 | 17.5 | 5.6 | +5.7% |