We recently compiled a list of the 10 Firms Buck Market Bloodbath on Monday. In this article, we are going to take a look at where Protagonist Therapeutics, Inc. (NASDAQ:PTGX) stands against the other stocks.

The stock market suffered a bloodbath anew on Monday, with the Nasdaq plunging to its worst level in three years over concerns about the health of the US economy after the Trump administration acknowledged the possibility of a potential rough patch.

The tech-heavy Nasdaq fell the heaviest, down 4 percent, followed by the S&P 500, which declined by 2.7 percent. The Dow Jones, for its part, dropped by 2.08 percent.

Meanwhile, 10 companies managed to book modest gains, bucking the broader market caution. We have identified the names that led the charge and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with $2 billion in market capitalization and $5 million in trading volume.

A research scientist wearing a lab coat working with precision in a biopharmaceutical laboratory.

Protagonist Therapeutics, Inc. (NASDAQ:PTGX)

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) surged by 45.89 percent on Monday to finish at $55.95 each as investor sentiment was buoyed by the positive result from the phase 2b study of icotrokinra (JNJ-2113), a drug candidate which it partnered with pharmaceutical giant Johnson & Johnson.

According to Protagonist Therapeutics, Inc. (NASDAQ:PTGX), the study met its primary endpoint of clinical response in all icotrokinra dose groups evaluated.

Additionally, the study demonstrated clinically meaningful differences versus placebo in key secondary endpoints of clinical remission, symptomatic remission, and endoscopic improvement at Week 12.

"We are thrilled with the impressive results of once daily oral icotrokinra in the ANTHEM Phase 2 ulcerative colitis study, broadening the potential utility of this first-in-class and only-in-class oral IL-23 receptor antagonist from psoriasis to inflammatory bowel diseases," said PTGX President and CEO Dinesh Patel. ”Icotrokinra has the potential to transform the treatment landscape in UC through its distinctive profile of efficacy, safety, tolerability, and convenience of a once-daily oral treatment. We eagerly await icotrokinra's further progression into more advanced clinical studies in ulcerative colitis and Crohn's disease.”

Overall PTGX ranks 1st on our list of Monday's top gainers. While we acknowledge the potential of PTGX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PTGX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.