William D. Waddill, a member of Protagonist Therapeutics' board, completed a sale of 20,000 shares of the company's common stock on February 6, 2026, for approximately $1.67 million. The executed sale prices ranged from $83.65 to $83.87 per share.
On the same date, Waddill exercised stock options to acquire 20,000 additional shares of Protagonist common stock at an exercise price of $8.31 per share, representing a total exercise cost of $166,200. After these transactions were recorded, Waddill's direct ownership in the company stood at 7,825 shares.
These insider transactions occur against the backdrop of several analyst revisions and pipeline developments for Protagonist Therapeutics. Notably, H.C. Wainwright raised its price target on the company to $117 and reaffirmed a Buy rating following the joint submission by Protagonist and Takeda of a New Drug Application for rusfertide in polycythemia vera. That filing initiates a 120-day review period.
Truist Securities also increased its price objective to $110, citing 2026 as a potentially pivotal year driven by expected approvals for key programs, including icotrokinra in psoriasis. JPMorgan reiterated an Overweight rating and highlighted the prospective royalty stream that could arise from the anticipated launch of Icotyde.
Citizens Investment Research maintained a Market Outperform rating, pointing to favorable VERIFY trial results for rusfertide that showed a significant improvement in the phlebotomy-free rate. Jefferies preserved its Buy rating as well, emphasizing the firm's growth prospects with two partnered programs approaching regulatory review.
Taken together, the insider sale and option exercise by Waddill coincide with a period of heightened analyst attention and advancing regulatory milestones for Protagonist's partnered and in-house assets. The company and its collaborators are navigating multiple near-term inflection points that have prompted renewed coverage and upward adjustments in price targets by several research firms.
Note: The article reports the transactions and analyst activity as publicly disclosed and does not provide investment advice.