Protagonist Therapeutics: Q3 Earnings Snapshot

Wedbush reiterated an Outperform rating and $173 price target for Protagonist Therapeutics (PTGX) after its Q3 2026 update. The stock has gained 66% in the past year. The company reported positive Phase 1 data for PN-477 and plans to prioritize its oral formulation. PTGX has $834.6 million in cash and expects a runway through at least 2028. Multiple analysts have raised price targets following FDA approvals of Mimrylo and Icotyde.

Protagonist Therapeutics (PTGX) reported Q3 EPS of $3.07, beating consensus of $2.66, with revenue of $274.41M, also above expectations. The company highlighted FDA approval of MIMRYLO and strong sales of ICOTYDE. Analysts have maintained or raised price targets and ratings, citing strong commercial potential.

Protagonist Therapeutics, Inc (PTGX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Protagonist Reports Third Quarter 2026 Financial Results and Provides Corporate Update MIMRYLO™ (rusfertide) Approved by FDA for the Treatment of Erythrocytosis in Adults with Polycythemia Vera; Approval Triggered $275 Million in Payments to Protagonist Comprehensive

Disc Medicine's Phase 3 trial for a rare light-sensitivity disorder met all endpoints, shares rose 38.86%. Silence Therapeutics agreed to a $1.3B acquisition by Merck KGaA at a 130% premium, shares up 125.58%. Other rare blood disorder-focused companies also saw gains. Disc plans FDA resubmission by 2026 end, Silence deal expected Q1 2027.

Protagonist Therapeutics (PTGX) announced a $300M share repurchase program, funded by cash reserves and collaboration payments. The program may be executed through open market purchases or other transactions, with timing and amounts dependent on market conditions and other factors. As of June 30, 2026, the company had $849.5M in cash, cash equivalents, and marketable securities, excluding recent milestone payments.

Protagonist Therapeutics (PTGX) reported a $162.8M profit in Q2 2026, reversing a $34.8M loss from the prior year. The turnaround was driven by milestone payments for two drugs, ICOTYDE and rusfertide, with cash reserves reaching $849.5M. ICOTYDE, approved for psoriasis, triggered a $50M payment and potential $580M more from J&J. Rusfertide, awaiting FDA decision, has already brought in $200M from Takeda, with more milestones pending.