Protagonist Therapeutics slips on pricing $100 mln stock offering

Protagonist Therapeutics

05/04/2023 13:06

** Shares of Protagonist Therapeutics  PTGX.O  down 3% at
$20.90 premarket after overnight follow-on prices
    ** Co late Tues announced 5 mln shares at $20, 7.2% discount
to last sale
    ** PTGX plans to use net offering proceeds to fund
pre-commercialization activities for its lead drug candidate,
rusfertide, for treatment of a rare blood disease
    ** On Mar 7, PTGX's shares soared 52% to close at $23.09
after co's psoriasis drug, JNJ-2113, which it's developing in
collaboration with Johnson & Johnson  JNJ.N , met main goal in
mid-stage study
    ** Shares have roughly doubled YTD through Tues close
    ** Co has ~51.3 mln shares outstanding for $1.1 bln market
cap, per Refinitiv data
    ** JP. Morgan, Jefferies and Piper Sandler jt bookrunners
for the equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))