PTGX Protagonist Therapeutics, Inc
Executive Summary
In Q3 2024, 15 institutions accumulated $54.4M in PTGX (net +$43.4M) while 13 sellers reduced holdings by $267.9M, driven by Farallon Capital's full exit of its $202.4M position. The cluster is dominated by passive/asset-manager buyers and hedge-fund/quant sellers, creating a mixed signal with a bearish net dollar flow.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$224.5M
▲ Buyers (15)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Invesco | DOUBLED | +638.6% | $29.4M | $26.3M |
| Victory Capital Management | DOUBLED | +1729.3% | $5.9M | $5.6M |
| Rhumbline Advisers | ADD | +93.2% | $7.4M | $4.4M |
| Voya Investment Management | ADD | +75% | $5.1M | $2.9M |
| Franklin Resources | DOUBLED | +127.2% | $3.8M | $2.5M |
▼ Sellers (13)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Farallon Capital Management | EXIT | -100% | $202.4M | -$202.4M |
| Point72 | NEAR_EXIT | -76.4% | $31.5M | -$21.9M |
| Adage Capital Partners Gp | TRIM | -40% | $69.3M | -$15.3M |
| Dimensional Fund Advisors | TRIM | -63.4% | $21.3M | -$11.2M |
| Silvercrest Asset Management G | NEAR_EXIT | -77.7% | $13.2M | -$9.4M |
Actionable Insight
The massive Farallon exit and Point72 near-exit suggest a loss of conviction from sophisticated investors, likely tied to pipeline setbacks or competitive dynamics. Monitor upcoming clinical data readouts and insider activity for confirmation of thesis deterioration.
Key Facts
- 15 buyers added $43.4M net; 13 sellers reduced $267.9M net
- Farallon Capital Management fully exited a $202.4M position (5.84M shares)
- Point72 cut 76.4% of its stake, selling $21.9M worth
- Invesco doubled its position to $29.4M (+$26.3M)
- Victory Capital Management added $5.6M (+1,729% shares)
- Net institutional flow was heavily negative at -$224.5M
Financial Impact
Net institutional selling of $224.5M in Q3 2024, with buyers adding $43.4M and sellers reducing $267.9M
Risk Factors
- Farallon's full exit may signal fundamental concerns not yet public
- 13F data is 45+ days stale; positions may have changed since quarter-end
- Buyers are mostly passive/asset managers, not high-conviction activists
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-PTGX-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
Institutional Cluster
| $109.64 awaiting T+5 | awaiting T+5 | — | — |
|
May 12, 2026
4w ago
|
144
| $103.88 $98.37 | ▲ +5.30% | ▲ +4.15% | — |
|
May 8, 2026
5w ago
|
Insider Cluster
| $99.36 $105.55 | ▲ +6.23% | ▲ +4.77% | — |
|
May 8, 2026
5w ago
|
Insider Cluster
| $99.36 $105.55 | ▲ +6.23% | ▲ +4.77% | — |
|
May 5, 2026
5w ago
|
8-K
| $103.97 $99.95 | ▼ −3.87% | ▼ −5.00% | — |
|
Feb 25, 2026
15w ago
|
8-K
| $87.10 $94.83 | ▲ +8.87% | ▲ +9.97% | — |
US Market Status
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