Protagonist, Inc. [NASDAQ: PTGX] today declared that it has begun the public offering of its 5 million shares of its commons stocks. The Protagonist offered all of these shares and gave a 30-day option to investors to obtain an additional 75,000 shares of common stocks. It is not revealed yet what are the actual terms and when the offer will be completed.
PTGX declared the BMO capital market and Jefferies LLC are serving as the main contributor in the new offering. While the co-lead managers for the offering are H.C. Wainwright & Co., LLC and Nomura Securities International, Inc.
The Protagonist earlier announced updates regarding the phase 2 study of PTG-300 in patients suffering from Polycythemia vera on May 7, 2020. The company also declared that Dr. Hoffman has been involved in the study of PTG-300. Polycythemia vera is linked to a group of chronic hematologic malignancies termed myeloproliferative neoplasms. It increased the production of RBCs in patients. PTG-300 is the considerable advancement of PTGX.
An initial booklet is associated with the offering will be submitted to the SEC. PTGX stocks rose 83.70% and increase 6.47 at $14.20 during the last trading session of Friday after the statement about the PTG-300. PTGX has the latest closing price of $7.73 and it opened at $9.84.
PTGX has a day low range of $9.65 and a day high range of $16.82. Its stock price has a 52-week range of $4.47-$16.82, separately. The protagonist has a trading volume of 35.37 million as contrasted to its 3-months average volume of 713,667. The company has a total market cap of 389.57 million.
PTGX has demonstrated the 0.74 beta which implies it is 22.76% more volatile compared to the broader market. Experts gave the consensus rating in the wake of its financial results for FY 2019. On average, stock market experts give PTGX a Buy rating.
The protagonist has a total Debt To Equity Ratio of 21.27 and the Total Debt To Total Capital ratio is 17.54. Looking forward to the future, this publicly-traded firm’s Long-Term Debt to Equity is 19.70, and its Long-Term Debt to Total Capital is 16.25.
PTGX has involved in the making of Peptide-based products candidates to address unmet medical needs in hematology and gastroenterology. The firm is currently engaged in the development of PTG-300 for the victims who have undergone beta-thalassemia by targeting chronic anemia.