Protagonist Therapeutics, Inc (PTGX) Fair Value & Analysis

Healthcare · US · Market cap $8.9B

Below-average quality, and screening another 97% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case ($4.63). The favourable scenario is already priced in.
• Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $7.06 – $152.01 · fair‑value band $3.34 – $4.63 · the $151.42 price screens above the $3.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Protagonist Therapeutics, Inc (PTGX) currently trades at $151.42, while our model-based Fair Value estimate is $3.98, implying the stock looks roughly 97.4% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at $74.1M. Revenue grew 99.0% year over year. It earns a return on equity of -17.1%. The balance sheet holds a net cash position of $118M. Fundamentals as of Aug 13, 2026

Our scenario range runs from $3.34 (bear case) to $4.63 (bull case); at $151.42, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 207% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -47% fair-value upside, at -97%, PTGX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth DCF ($26.64) versus Multiples ($3.99). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable …

Full company description

Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera. The company is also developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin diseases in Phase 1 clinical trials; PN-477 and PN-458, which are development candidates for the treatment of obesity; PN-8047, an orally administered hepcidin functional mimetic small molecule; L-4R alpha antagonist for the treatment of atopic dermatitis and moderate-to-severe asthma; and amylinR-based oral and subcutaneous mono- and poly-agonists for the treatment of obesity. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Protagonist Therapeutics, Inc reported revenue of $46.0M in FY2025 versus $27.4M in FY2021, a compound +13.9%/yr. Reported net income was −$130M in FY2025.

PTGX screens 97% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• Protagonist Therapeutics Reports Granting of Inducement Awards Yahoo Finance · Jul 16, 2026
• Protagonist Therapeutics (PTGX) Stock Still Looks Stretched After FDA Priority Review Yahoo Finance · Jul 9, 2026
• Protagonist Therapeutics (PTGX) After Icotyde Launch And Rusfertide Review Looks Undervalued Yahoo Finance · Jul 9, 2026

Peer Group

Biotechnology · 601 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Biotechnology median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.