In a recent insider transaction, Protagonist Therapeutics director William D. Waddill exercised stock options and sold 20,000 shares of PTGX common stock on February 6, 2026, at a weighted average price of $83.68 per share, totaling approximately $1.67 million. This sale, which significantly reduced his direct holdings, occurred during a period of robust stock gains for the biotech company, with shares having more than doubled in value over the past year amid advancing clinical programs and positive analyst sentiment.
Director’s Option Exercise and Share Sale Details
William D. Waddill, serving as a director on the board of Protagonist Therapeutics (NASDAQ: PTGX), executed a planned transaction that involved both exercising long-held stock options and immediately selling the acquired shares. On February 6, 2026, he exercised options for 20,000 shares at an exercise price of $8.31 per share, representing a total cost of $166,200 for the option exercise.
Following the acquisition, Waddill sold the entire 20,000 shares in multiple trades on the open market. The sales occurred at prices ranging from $83.65 to $83.87 per share, resulting in a weighted average sale price of $83.68. This generated gross proceeds of $1,673,600 for the director.
After completing the transaction, Waddill’s direct ownership in Protagonist Therapeutics decreased to 7,825 shares, valued at approximately $654,796 based on the sale price. The move represented a substantial 71.88% reduction in his direct position, though it stemmed from an option exercise rather than a sale of previously held shares.
Such transactions, where insiders exercise in-the-money options and sell to realize gains, are common in the biotech sector. They allow executives and directors to monetize long-term incentives without necessarily signaling a lack of confidence in the company’s future. In this case, the options were deeply in-the-money, providing a profit of roughly $75 per share before taxes and fees.
Context of Strong Stock Momentum
The insider sale took place against a backdrop of impressive performance for PTGX shares. The stock has demonstrated significant appreciation, climbing more than 120% over the trailing twelve months leading into early 2026. This surge reflects growing investor optimism about the company’s pipeline of peptide-based therapeutics.
Protagonist Therapeutics specializes in developing innovative peptide drugs targeting challenging diseases, with key programs in hematology and immunology. The company’s lead assets have advanced considerably, bolstered by partnerships with major pharmaceutical players.
Recent milestones include the submission of a New Drug Application (NDA) for rusfertide in polycythemia vera, in collaboration with Takeda, and progress on icotrokinra (JNJ-2113), an oral IL-23 receptor antagonist partnered with Johnson & Johnson for psoriasis and other inflammatory conditions. Positive topline data from Phase 3 studies and regulatory advancements have fueled the rally.
As of mid-February 2026, PTGX trades around $81.49 per share, with a market capitalization approaching $5.1 billion. The 52-week range spans from a low of $33.70 to a high of $96.54, underscoring the volatility typical in biotech but also the strong upward trajectory in recent periods.
Analyst coverage remains largely positive, with many firms maintaining “Buy” or “Strong Buy” ratings and average price targets well above current levels, often in the $100+ range. Institutional ownership stands high, reflecting confidence from large funds.
Broader Insider Activity Trends
This director transaction fits into a pattern of net selling among Protagonist insiders over recent months. In the last 90 days, insiders have sold approximately 185,167 shares valued at around $15.4 million. Notable sales include those by the CFO and other executives, some of which were tied to tax withholding on vested equity awards.
Despite the selling pressure from insiders, who now hold about 4.90% of the company, the stock has held up well, supported by strong fundamentals and external validation from partners and regulators. Insider sales in biotech often occur for personal financial planning, diversification, or exercising expiring options rather than due to fundamental concerns.
Pipeline and Strategic Outlook
Protagonist’s value proposition centers on its proprietary peptide technology platform, which enables the creation of oral, injectable, or other delivery forms for peptides that mimic or block key biological pathways. This approach has yielded candidates with potential best-in-class profiles in underserved areas.
Rusfertide, an injectable hepcidin mimetic, aims to address polycythemia vera by controlling hematocrit levels without the need for frequent phlebotomy. The recent NDA submission marks a critical step toward potential commercialization.
Meanwhile, icotrokinra offers a novel oral option for IL-23 pathway inhibition in psoriasis, differentiating from injectable biologics. Phase 3 ICONIC studies have delivered encouraging results, supporting regulatory progress.
Additional early-stage programs, including an oral IL-17 antagonist and other candidates, expand the pipeline and provide multiple shots on goal.
With cash reserves supporting operations and milestone payments from partners, the company is positioned to navigate upcoming clinical and regulatory catalysts without immediate funding pressures.
Investment Considerations for U.S. Investors
Biotech stocks like PTGX carry inherent risks, including clinical trial outcomes, regulatory decisions, and market sentiment shifts. The recent director sale, while notable in size, appears routine given the option exercise context and does not alter the broader positive narrative around the company’s progress.
Investors tracking PTGX should monitor upcoming data readouts, partnership updates, and any further regulatory news. The stock’s performance will likely hinge on execution in late-stage programs and potential approvals that could transform it from a development-stage player into a commercial entity.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial recommendations, or an endorsement of any security. Investors should conduct their own research and consult qualified professionals before making decisions.
