Recent News
On October 10, 2025, Reuters reported Johnson & Johnson entered discussions to acquire Protagonist Therapeutics, citing the companies’ existing collaboration on the oral IL‑23R program and noting Protagonist’s market capitalization near $4.2 billion at that time. On December 6, 2025, Protagonist and Takeda presented 52‑week VERIFY results at ASH showing durable hematocrit control with 61.9% of continuously treated patients free of phlebotomy eligibility and no new safety signals.
Technical Analysis
ADX registers 39.38, indicating a strong directional environment; that strength increases the likelihood of meaningful near‑term swings that could translate headline-driven volatility into sustained moves against the background of the company’s valuation.
DI+ peaked and reversed (DI+ 27.44, peak & reversal), signaling waning upside bias; DI‑ dipped and reversed (DI‑ 15.79, dip & reversal), now rising and reinforcing directional downside pressure. Those directional indicator outcomes align with the ADX reading and imply momentum divergence despite recent upside catalysts.
MACD shows a peak & reversal (MACD 3.02 versus signal 3.18), with the MACD sitting below its signal line and reflecting waning bullish momentum; that configuration undermines continuation of any immediate rally absent fresh positive catalysts tied to the pipeline or deal activity.
MRO at 26.64 with a peak & reversal indicates price running above the model target and exposes potential for a corrective move toward fair‑value benchmarks, which resonates with the MACD and directional indicator signals.
RSI records 61.69 and shows a peak & reversal, implying that short‑term momentum recently topped and may contract; combining RSI with Bollinger placement (upper band ~93.35, lower ~86.19) places the current $89.34 close to the upper band and within a region prone to consolidation or pullback.
Price relationships emphasize relative strength with $89.34 closing above the 50‑day average ($82.54) and the 200‑day average ($60.15), while trading marginally below the 20‑day average ($89.77) and beneath the 12‑day EMA peak that has reversed—this mix suggests longer‑term trend support but short‑term momentum weakening. SuperTrend lower support sits at $88.63, offering a nearby descriptive support level for intraday ranges.
Fundamental Analysis
Revenue registers at $4.71M while total operating expenses reach $51.13M, producing operating income of -$46.42M and an EBIT of -$46.42M; the operating/EBIT margin registers -9.85%, below the industry peer mean of -1.15% and below the industry peer median of 0.37%, which signals wider operating losses relative to typical peer margins. EBIT margin improved year‑over‑year by 11.11%.
Top‑line momentum shows marked contraction: quarter‑over‑quarter revenue growth fell by 81.30% and year‑over‑year revenue growth registers -223.35%, indicating material sequential and annual declines that materially influence near‑term valuation dynamics and cash‑burn expectations.
Profitability metrics remain negative: net income at -$39.34M, return on assets -5.54%, and return on equity -6.10% reflect ongoing investment in development rather than commercial profit generation. R&D spending reached $40.00M, driving higher operating leverage while supporting late‑stage programs that underlie the company’s forward value.
Balance sheet strength stands out: cash and short‑term investments total $576.12M, cash alone $113.71M, current ratio 13.05x and cash ratio 12.82x, while total debt stays low at $10.75M (debt to assets ~1.53%). That liquidity profile supports planned regulatory actions and program execution without immediate financing needs.
Earnings and market multiples present dispersion: EPS actual -$0.62 versus estimate -$0.64 produced a positive EPS surprise of 3.13%. Price/sales and related multiples appear elevated relative to revenue scale (PS ratio ~891.53; enterprise value ~ $3.636B), reflecting investor valuation of pipeline potential rather than present revenues.
WMDST values the stock as under‑valued given the combination of durable Phase‑3 data for rusfertide, substantial cash resources, and low leverage; that valuation judgment accounts for execution risk tied to regulatory filings and the binary nature of late‑stage approvals without relying on peer multiple compression.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 168.8 M |
| Operating Cash Flow | $ -1.94 M | |
| Capital Expenditures | $ -88.00 K | |
| Change In Working Capital | $ 28.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -54.83 M | |
| End Period Cash Flow | $ 114.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.7 M | |
| Forward Revenue | $ -496.13 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 467.0 K | |
| Depreciation and Amortization | $ 467.0 K | |
| Research and Development | $ 40.0 M | |
| Total Operating Expenses | $ 51.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -45.95 M | |
| EBIT | $ -46.42 M | |
| Operating Income | $ -46.42 M | |
| Interest Income | $ 7.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 7.0 M | |
| Income Before Tax | $ -39.34 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -39.34 M | |
| Net Income From Continuing Operations | $ -39.34 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.64 | |
| EPS Actual | $ -0.62 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 3.125 % | |
| Forward EPS | $ 0.27 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 701.7 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 645.4 M | |
| Total Current Assets | $ 586.4 M | |
| Cash and Short-Term Investments | $ 576.1 M | |
| Cash | $ 113.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 287.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 5.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 44.9 M | |
| Net Debt | — | |
| Total Debt | $ 10.7 M | |
| Total Liabilities | $ 56.3 M | |
| EQUITY | ||
| Total Equity | $ 645.4 M | |
| Retained Earnings | $ -426.29 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.34 | |
| Shares Outstanding | 62.447 M | |
| Revenue Per-Share | $ 0.08 | |
| VALUATION | Market Capitalization | $ 4.2 B |
| Enterprise Value | $ 3.6 B | |
| Enterprise Multiple | -79.113 | |
| Enterprise Multiple QoQ | 15.01 % | |
| Enterprise Multiple YoY | 50.26 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 26.559 mean: 4.267 PTGX: -79.113 low: -80.476 |
|
| EV/R | 771.549 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.087 | |
| Asset To Liability | 12.474 | |
| Debt To Capital | 0.016 | |
| Debt To Assets | 0.015 | |
| Debt To Assets QoQ | -2.482 % | |
| Debt To Assets YoY | -15.125 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.214 median: 0.075 PTGX: 0.015 low: 0.0 |
|
| Debt To Equity | 0.017 | |
| Debt To Equity QoQ | -1.363 % | |
| Debt To Equity YoY | -18.741 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.194 median: 0.09 PTGX: 0.017 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.509 | |
| Price To Book QoQ | 29.712 % | |
| Price To Book YoY | 32.284 % | |
| Price To Book IPRWA | high: 17.968 mean: 6.973 PTGX: 6.509 median: 5.638 low: -8.555 |
|
| Price To Earnings (P/E) | -108.502 | |
| Price To Earnings QoQ | 14.96 % | |
| Price To Earnings YoY | 33.255 % | |
| Price To Earnings IPRWA | high: 56.753 mean: -3.814 median: -11.943 low: -93.179 PTGX: -108.502 |
|
| PE/G Ratio | -8.525 | |
| Price To Sales (P/S) | 891.534 | |
| Price To Sales QoQ | 47.509 % | |
| Price To Sales YoY | 59.255 % | |
| Price To Sales IPRWA | high: 1040.421 PTGX: 891.534 mean: 68.968 median: 25.506 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -160.728 | |
| Forward PE/G | -12.629 | |
| Forward P/S | 6283.96 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.693 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.007 | |
| Asset Turnover Ratio QoQ | -12.632 % | |
| Asset Turnover Ratio YoY | -13.429 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.117 median: 0.107 PTGX: 0.007 low: 0.0 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 PTGX: 0 low: -314.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.009 | |
| CapEx To Revenue | -0.019 | |
| CapEx To Depreciation | -0.188 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 645.4 M | |
| Net Invested Capital | $ 645.4 M | |
| Invested Capital | $ 645.4 M | |
| Net Tangible Assets | $ 645.4 M | |
| Net Working Capital | $ 541.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 12.819 | |
| Current Ratio | 13.048 | |
| Current Ratio QoQ | -23.105 % | |
| Current Ratio YoY | 22.003 % | |
| Current Ratio IPRWA | high: 25.502 PTGX: 13.048 mean: 4.346 median: 3.195 low: 0.02 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.234 | |
| Cost Of Debt | 16.468 % | |
| Interest Coverage Ratio | -20.218 | |
| Interest Coverage Ratio QoQ | 10.418 % | |
| Interest Coverage Ratio YoY | 11.985 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 40.355 median: 4.326 PTGX: -20.218 low: -1538.4 |
|
| Operating Cash Flow Ratio | -0.812 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.273 % | |
| Revenue Growth | -15.038 % | |
| Revenue Growth QoQ | -81.3 % | |
| Revenue Growth YoY | -223.353 % | |
| Revenue Growth IPRWA | high: 301.849 % mean: 8.15 % median: 4.118 % PTGX: -15.038 % low: -259.856 % |
|
| Earnings Growth | 12.727 % | |
| Earnings Growth QoQ | -93.283 % | |
| Earnings Growth YoY | 59.087 % | |
| Earnings Growth IPRWA | high: 162.5 % PTGX: 12.727 % median: -6.452 % mean: -13.276 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -985.166 % | |
| EBIT Margin QoQ | 29.962 % | |
| EBIT Margin YoY | 11.105 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 36.648 % mean: -115.022 % PTGX: -985.166 % low: -8139.786 % |
|
| Return On Sales (ROS) | -985.166 % | |
| Return On Sales QoQ | 29.962 % | |
| Return On Sales YoY | 11.105 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.151 % mean: -109.302 % PTGX: -985.166 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -2.02 M | |
| Free Cash Flow Yield | -0.048 % | |
| Free Cash Flow Yield QoQ | -94.564 % | |
| Free Cash Flow Yield YoY | -95.612 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 0.768 % mean: 0.311 % PTGX: -0.048 % low: -57.887 % |
|
| Free Cash Growth | -93.157 % | |
| Free Cash Growth QoQ | -24.697 % | |
| Free Cash Growth YoY | -15.818 % | |
| Free Cash Growth IPRWA | high: 199.867 % mean: 28.349 % median: 21.696 % PTGX: -93.157 % low: -198.468 % |
|
| Free Cash To Net Income | 0.051 | |
| Cash Flow Margin | -774.087 % | |
| Cash Flow To Earnings | 0.927 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -5.542 % | |
| Return On Assets QoQ | 16.355 % | |
| Return On Assets YoY | 1.669 % | |
| Return On Assets IPRWA | high: 30.5 % median: 0.176 % mean: -2.24 % PTGX: -5.542 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -7.068 % | |
| Return On Equity (ROE) | -0.061 | |
| Return On Equity QoQ | 17.099 % | |
| Return On Equity YoY | -2.371 % | |
| Return On Equity IPRWA | high: 0.948 median: -0.002 mean: -0.005 PTGX: -0.061 low: -1.385 |
|
| DuPont ROE | -5.992 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |