Protagonist Therapeutics (NASDAQ:PTGX) reported an insider transaction by director Lewis T. Williams on February 17, 2026, according to a Form 4 filing with the Securities and Exchange Commission. On that date Williams sold 18,000 shares of the company's common stock for an aggregate of $1.48 million. The sales took place at prices ranging from $81.47 to $83.12 per share.
The filing also records that Williams exercised options on the same day to acquire 18,000 shares of Protagonist Therapeutics common stock at an exercise price of $10.84 per share, for a total exercise amount of $195120. After completing the option exercise and the stock sale, Williams' direct holdings in the company stand at 7,825 shares.
Context from analyst coverage and company developments
Alongside the insider disclosure, several analysts have updated their outlooks for Protagonist Therapeutics as the company advances regulatory milestones. H.C. Wainwright raised its price target to $117 from $80 and maintained a Buy rating; the firm cited the submission of a New Drug Application for rusfertide in polycythemia vera by Takeda and Protagonist as a driver of that revision.
Truist Securities lifted its price target to $110, calling 2026 a pivotal year for the company's lead assets and pointing to an expected approval for icotrokinra in psoriasis. JPMorgan reiterated an Overweight rating with a $93 price target and noted investor interest in the upcoming launch of Icotyde and its potential to generate royalty revenue.
Citizens kept its Market Outperform rating and a $102 price target, referencing positive VERIFY trial data for rusfertide. Jefferies maintained a Buy rating with a $95 price target, emphasizing Protagonist's growth prospects as two programs approach regulatory review.
What the filings and analyst moves show
The Form 4 filing documents the precise mechanics of this insider activity: a matched quantity of options exercised and shares sold, with Williams retaining a modest direct stake after the transactions. At the same time, multiple investment banks and research firms have adjusted valuations and reiterated favorable ratings in light of recent submissions and trial results tied to Protagonist's pipeline.
These developments indicate concentrated corporate and market activity around Protagonist's lead programs and near-term regulatory catalysts.