Protagonist Therapeutics Stock Surges 30% Amid Takeover Speculation
Protagonist Therapeutics (PTGX) saw its shares skyrocket nearly 30% in a single trading session following rumors of a potential acquisition by healthcare giant Johnson & Johnson. The speculation, fueled by a Wall Street Journal report citing unnamed sources, comes despite a broader market downturn that saw the S&P 500 slide nearly 3%.
The biotech firm has an existing collaboration with J&J on an immune disorder drug, with commercialization rights already secured by the pharmaceutical titan. Protagonist's year-to-date gains exceed 70%, driven by promising clinical trial results—a trajectory that may complicate any acquisition pricing.
Neither company has confirmed the discussions, maintaining standard corporate silence during unconfirmed dealmaking. Market observers note the rally reflects both sector enthusiasm and the premium investors place on late-stage biotech pipelines.
