Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price139.19 USD
Fair value171.00
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown139.19+0.0% to today
2026-09-10Read Accumulation150.59-7.6% to today
2026-07-02Read Markup109.78+26.8% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Protagonist Therapeutics, Inc. holds its Markdown at $139.19. Consolidating, no directional conviction, held for 137 days.
As held on the ledger · 2026-10-01
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 137 days
Price at the screen
$139.19
Valuation
135.14 trailing · -698.92 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.79
The Workings
Five Screens, Shown in Full
Does not pass. Interest-bearing securities
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.54%
Below 33%
Interest-bearing debt is just 1.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
65.70%
Below 33%
Interest-bearing cash and securities are 65.7% of assets, above the one-third limit.
Fail
Receivables
19.89%
Below 49%
Money owed to the company is 19.9% of assets, under the 49% limit.
Pass
Revenue purity
62.56%
Below 5%
62.6% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Protagonist Therapeutics,'s business is fine, but its cash and interest-bearing securities are about 66% of its assets, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-01 screen. The gold marker is the market price at the same screen. A 22.9% margin of safety to the base estimate.
Third-party analyst targets: 13 covering, consensus None. The average target sits +23% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-01 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Price far ahead of unproven peptide hopes
Picture a biotech racing to sell an oral peptide for psoriasis before any proof it beats the pack. Protagonist trades at 141 dollars against our 118 dollar fair value, a negative 16 percent margin of safety that leaves no room for error. Revenue may be doubling yet the firm still posts a 155 percent negative profit margin and negative 17 percent return on equity, so the market is paying up for a story that has yet to turn into cash.
We pass because the numbers do not add up. Forward earnings sit at a negative 257 times while the stock price already exceeds both our value and the median analyst target. Strong buy ratings from thirteen analysts cannot change the fact that this remains a pre-profit development business with an unknown moat.
The usual biotech risks apply in full, from trial failures to dilution and competition that could wipe out any edge. Ethical screen passes but valuation and cash burn do not. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; as a biotechnology name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PTGX trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$139.19-7.6%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (13 analysts) rates it strong buy, with a mean price target of $119.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (13 analysts) rates it strong buy, with a mean price target of $119.
2026-08-09Markup$146.18+33.2%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 33.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (13 analysts) rates it strong buy, with a mean price target of $119.
2026-07-18Markup$109.78+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 20% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (13 analysts) rates it strong buy, with a mean price target of $119.
2026-07-03Markup$109.78+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$109.78Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
