On Feb. 6, 2026, William D. Waddill, a director at Protagonist Therapeutics (PTGX 1.22%), exercised his stock options and immediately sold 20,000 shares, generating a transaction value of approximately $1.7 million, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 20,000 |
| Transaction value | $1.7 million |
| Post-transaction shares (direct) | 7,825 |
| Post-transaction value (direct ownership) | $661,134.25 |
Transaction value based on SEC Form 4 weighted average purchase price ($83.68); post-transaction value based on Feb. 6, 2026 market close ($83.68).
Key questions
- How significant was this sale relative to Waddill’s historical activity?
This 20,000-share sale is five times larger than the recent median sell transaction of 4,000 shares. - Was there any indirect participation or use of related entities?
All transactions were conducted through direct ownership; no indirect entities or trusts were involved, as confirmed by post-trade holdings being zero for all indirect accounts. - What market context surrounded this transaction?
The transaction coincided with a period of strong price performance, as shares were priced at $83.68 (the market closed at $84.49 on Feb. 6, 2026), and the stock was up 123.8% over the prior twelve months.
Company overview
| Metric | Value |
|---|---|
| Price (as of Feb. 14, 2026) | $81.49 |
| Market capitalization | $5.09 billion |
| Revenue (TTM) | $209.22 million |
| Net income (TTM) | $45.91 million |
Company snapshot
Protagonist Therapeutics is a clinical-stage biotechnology company that uses proprietary peptide technology to address unmet medical needs in hematology and immunology. It focuses on patients with rare blood disorders and inflammatory diseases, partnering with healthcare providers and biopharmaceutical partners.
What this transaction means for investors
While Waddill’s sale of shares and exercising all of his remaining stock options with the company does raise questions, it’s difficult to pinpoint the exact reason he sold shares. However, what may be notable for investors is that the majority of Wall Street analysts rate Protagonist Therapeutics’ stock a “strong buy,” and it has a high price-to-earnings ratio (P/E) of 113.15, which may indicate high growth expectations.
At the 44th annual J.P. Morgan Healthcare Conference in early January 2026, Protagonist highlighted its significant projected growth within the next 12-24 months. The company mentioned expanding its clinical trial pipelines and that two key pharmaceutical products have reached advanced stages of clinical development, with backing from large firms such as Johnson & Johnson.
Protagonist’s stock soared approximately 123% in 2025, and with the strong support of Wall St. and institutional investors, it looks like an ideal option for those who want portfolio exposure to the medical field.
