TacticScaleWhat Protagonist Therapeutics Does & How It Makes Money (PTGX)
Updated October 2026 · reflects Protagonist Therapeutics's latest reported financials
Biotech developing peptide drugs for psoriasis, blood disorders and obesity. It is a development-stage drug company whose products are still investigational.
How Protagonist Therapeutics makes money
It is a development-stage drug company whose products are still investigational. It aims to make money by getting its drug candidates approved and then selling or licensing them.
What Protagonist Therapeutics does
Protagonist Therapeutics is a biotechnology company based in Newark, California, founded in 2006. It focuses on peptide-based medicines, including oral peptides that could replace injections. Its most advanced candidates are Icotyde, a first-in-class oral peptide for adults and adolescents aged 12 and up with moderate-to-severe plaque psoriasis, and Rusfertide, a first-in-class injectable that mimics the natural hormone hepcidin and is in Phase 3 trials for polycythemia vera. The earlier pipeline includes PN-881, an oral IL-17 antagonist in Phase 1 for immune-mediated skin diseases; PN-8047, an oral small molecule that mimics hepcidin; an IL-4R alpha antagonist for atopic dermatitis and asthma; and several obesity programs, including PN-477, PN-458 and amylin receptor-based mono- and poly-agonists. None of its products are approved yet, so the company's value depends on clinical and regulatory results.
Products & services
- Icotyde (oral peptide for plaque psoriasis)
- Rusfertide (hepcidin mimetic for polycythemia vera)
- PN-881 (oral IL-17 antagonist)
- PN-477 and PN-458 (obesity candidates)
- PN-8047 (oral hepcidin mimetic small molecule)
- Amylin receptor agonists for obesity
What is Protagonist Therapeutics worth?
On an owner-earnings DCF, Protagonist Therapeutics's most-likely value is about $109 versus a recent price near $144 (24% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$27) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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