In a quarterly filing with the SEC, Farallon Capital Management revealed it had established a new position in Protagonist Therapeutics (PTGX) by acquiring 6.35 million shares. The stake was valued at approximately $669.17 million as of March 31, 2026, and constituted 3.81% of the hedge fund's reported portfolio. This disclosure reflects trading activity that occurred during the first quarter of 2026, as 13F filings are submitted with a delay.
The investment was made during a significant period for Protagonist, which saw its drug ICOTYDE receive FDA approval and received a $50 million milestone payment. The company also reported a surprise profit for the first quarter, with earnings per share of $0.05, significantly beating consensus estimates of a loss. An August 13G filing later clarified Farallon's stake as representing 9.99% of the company's outstanding common stock.