<p>Protagonist Therapeutics (PTGX) 發佈了第三季度財報，顯示出淨虧損較去年有所增加。該公司在截至 9 月 30 日的九個月內也從淨收入轉為淨虧損。</p>
<p>請查看我們對 Protagonist Therapeutics 的最新分析。</p>
<p>儘管在最新財報中淨虧損加深，Protagonist Therapeutics 的股價年初至今已上漲 117%，一年總股東回報率達到 109%。這一令人印象深刻的勢頭暗示了市場對其長期增長故事的重新樂觀，儘管短期內面臨挑戰。</p>
<p>如果這些收益讓你想知道市場目前還有什麼機會，或許現在是擴大搜索範圍、發現高內部持股的快速成長股票的絕佳時機。</p>
<p>儘管虧損加深，股價仍強勁上漲，現在的問題是 Protagonist Therapeutics 是否低於其真實價值，或者市場是否已經考慮了其未來增長的預期。</p>
<h2>115.2 倍的市盈率：是否合理？</h2>
<p>Protagonist Therapeutics 的市盈率為 115.2 倍，顯著高於其行業和同行的平均水平，且與典型生物科技行業的估值不符。</p>
<p>市盈率揭示了投資者願意為一美元的收益支付多少。在生物科技領域，高市盈率通常反映了對突破性或轉型性增長的預期，但如果預期收益未能實現，也會帶來更高的風險。</p>
<p>美國生物科技行業的平均市盈率為 17.4 倍，同行為 23.3 倍，而當前的 115.2 倍倍數顯得極為昂貴。與估計的公允價值市盈率 36.9 倍相比，該股票的定價似乎預示着未來將有非常快速的增長，遠超常規。這表明市場期待某些重大事件，或者可能超前於基本面。如果市場熱情減退或收益未能跟上預期，這些水平可能會受到影響。</p>
<p>探索 Protagonist Therapeutics 的 SWS 公允比率</p>
<p><strong>結果：115.2 倍的市盈率（高估）</strong></p>
<p>然而，收入增長放緩或低於預期的收益可能迅速冷卻市場熱情，並促使市場重新評估。</p>
<p>瞭解 Protagonist Therapeutics 敍述中的關鍵風險。</p>
<h2>另一種觀點：SWS DCF 模型指向低估</h2>
<p>雖然市盈率方法將 Protagonist Therapeutics 描繪為非常昂貴，但我們的 SWS DCF 模型則呈現出截然不同的圖景。根據該方法，該股票的交易價格實際上遠低於其估計的公允價值。市場是否低估了其上行潛力，或者這是一個需要謹慎行事的信號？</p>
<p>瞭解 SWS DCF 模型如何得出其公允價值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fc7d3f36-7789-4a40-8892-bf2ab67f8e26/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fc7d3f36-7789-4a40-8892-bf2ab67f8e26/chart/dcf"/></p>
<p>截至 2025 年 11 月的 PTGX 折現現金流</p>
<p>Simply Wall St 每天對全球每隻股票進行折現現金流（DCF）分析（例如 Protagonist Therapeutics）。我們展示了完整的計算過程。您可以在您的觀察列表或投資組合中跟蹤結果，並在變化時收到提醒，或者使用我們的股票篩選器發現 897 只基於現金流的低估股票。如果您保存了篩選器，我們甚至會在新公司匹配時提醒您——這樣您就不會錯過潛在機會。</p>
<h2>構建您自己的 Protagonist Therapeutics 敍述</h2>
<p>如果您有不同的觀點或想親自查看數字揭示的內容，您可以深入研究並在幾分鐘內構建自己的故事視角。以您自己的方式進行。</p>
<p>您對 Protagonist Therapeutics 研究的一個很好的起點是我們的分析，強調了 2 個關鍵收益和 1 個可能影響您投資決策的重要警示信號。</p>
<h2>尋找更多投資想法？</h2>
<p>迅速行動，抓住潛在市場贏家。Simply Wall Street 篩選器突出了您今年不想錯過的機會。</p>
<ul>
<li>通過查看這 16 只收益率超過 3% 的高股息股票，快速提升您的收入，這些股票持續提供強勁的股息。</li>
<li>通過查看這 25 只在革命性突破和實際商業影響方面處於前沿的 AI 便士股票，挖掘快速發展的人工智能趨勢。</li>
<li>通過審查這 897 只基於現金流的低估股票，捕捉交易價格低於公允價值的珍品，尋找最佳的現金流驅動的交易機會。</li>
</ul>
<p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們提供基於歷史數據和分析師預測的評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成買入或賣出任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均沒有持倉。</em></p>

Protagonist治療

<p>Protagonist Therapeutics (PTGX) 報告稱季度虧損增加，但其股價年初至今上漲了 117%。該股票的市盈率為 115.2 倍，表明相較於行業平均水平存在高估。然而，折現現金流模型顯示出潛在的低估。建議投資者考慮這兩種觀點，並進一步探索投資機會</p>

<p>Protagonist Therapeutics (PTGX) posted its third-quarter earnings, showing a shift to a higher net loss compared to last year. The company also moved from net income to net loss for the nine months ended September 30.</p>
<div class="lb-trans"><p>Protagonist Therapeutics (PTGX) 發佈了第三季度財報，顯示出淨虧損較去年有所增加。該公司在截至 9 月 30 日的九個月內也從淨收入轉為淨虧損。</p>
</div><p>See our latest analysis for Protagonist Therapeutics.</p>
<div class="lb-trans"><p>請查看我們對 Protagonist Therapeutics 的最新分析。</p>
</div><p>Despite shifting to a deeper net loss in the latest earnings, Protagonist Therapeutics' share price has surged 117% year to date, with a strong one year total shareholder return of 109%. This impressive momentum hints at renewed optimism around its long-term growth story, even amid short-term setbacks.</p>
<div class="lb-trans"><p>儘管在最新財報中淨虧損加深，Protagonist Therapeutics 的股價年初至今已上漲 117%，一年總股東回報率達到 109%。這一令人印象深刻的勢頭暗示了市場對其長期增長故事的重新樂觀，儘管短期內面臨挑戰。</p>
</div><p>If those gains have you wondering what else the market has to offer right now, it could be a perfect moment to broaden your search and discover fast growing stocks with high insider ownership</p>
<div class="lb-trans"><p>如果這些收益讓你想知道市場目前還有什麼機會，或許現在是擴大搜索範圍、發現高內部持股的快速成長股票的絕佳時機。</p>
</div><p>With strong share price gains despite deeper losses, the question now is whether Protagonist Therapeutics is trading below its true value or if the market has already factored in expectations for its future growth.</p>
<div class="lb-trans"><p>儘管虧損加深，股價仍強勁上漲，現在的問題是 Protagonist Therapeutics 是否低於其真實價值，或者市場是否已經考慮了其未來增長的預期。</p>
</div><h2>Price-to-Earnings of 115.2x: Is it justified?</h2>
<div class="lb-trans"><h2>115.2 倍的市盈率：是否合理？</h2>
</div><p>Protagonist Therapeutics is trading at a price-to-earnings (P/E) ratio of 115.2x, significantly higher than both its industry and peer averages and out of line with typical biotech sector valuations.</p>
<div class="lb-trans"><p>Protagonist Therapeutics 的市盈率為 115.2 倍，顯著高於其行業和同行的平均水平，且與典型生物科技行業的估值不符。</p>
</div><p>The price-to-earnings ratio reveals how much investors are willing to pay for one dollar of earnings. In biotech, high P/E ratios often reflect expectations for breakthroughs or transformative growth, but also carry heightened risk if projected earnings do not materialize.</p>
<div class="lb-trans"><p>市盈率揭示了投資者願意為一美元的收益支付多少。在生物科技領域，高市盈率通常反映了對突破性或轉型性增長的預期，但如果預期收益未能實現，也會帶來更高的風險。</p>
</div><p>With the US Biotechs industry average P/E at 17.4x and peers at 23.3x, the current 115.2x multiple stands out as extremely expensive. Compared to an estimated fair value P/E of 36.9x, the stock appears priced for very rapid future gains far beyond the norm. This suggests the market expects something significant, or could be running ahead of fundamentals. These are levels the market could move toward if enthusiasm subsides or if earnings do not keep pace with expectations.</p>
<div class="lb-trans"><p>美國生物科技行業的平均市盈率為 17.4 倍，同行為 23.3 倍，而當前的 115.2 倍倍數顯得極為昂貴。與估計的公允價值市盈率 36.9 倍相比，該股票的定價似乎預示着未來將有非常快速的增長，遠超常規。這表明市場期待某些重大事件，或者可能超前於基本面。如果市場熱情減退或收益未能跟上預期，這些水平可能會受到影響。</p>
</div><p>Explore the SWS fair ratio for Protagonist Therapeutics</p>
<div class="lb-trans"><p>探索 Protagonist Therapeutics 的 SWS 公允比率</p>
</div><p><strong>Result: Price-to-Earnings of 115.2x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>結果：115.2 倍的市盈率（高估）</strong></p>
</div><p>However, a slowdown in revenue growth or lower than expected earnings could quickly cool enthusiasm and prompt a market reassessment.</p>
<div class="lb-trans"><p>然而，收入增長放緩或低於預期的收益可能迅速冷卻市場熱情，並促使市場重新評估。</p>
</div><p>Find out about the key risks to this Protagonist Therapeutics narrative.</p>
<div class="lb-trans"><p>瞭解 Protagonist Therapeutics 敍述中的關鍵風險。</p>
</div><h2>Another View: SWS DCF Model Points to Undervaluation</h2>
<div class="lb-trans"><h2>另一種觀點：SWS DCF 模型指向低估</h2>
</div><p>While the price-to-earnings approach paints Protagonist Therapeutics as very expensive, our SWS DCF model draws a starkly different picture. According to this method, the stock is actually trading well below its estimated fair value. Could the market be underestimating its upside, or is this a signal to tread carefully?</p>
<div class="lb-trans"><p>雖然市盈率方法將 Protagonist Therapeutics 描繪為非常昂貴，但我們的 SWS DCF 模型則呈現出截然不同的圖景。根據該方法，該股票的交易價格實際上遠低於其估計的公允價值。市場是否低估了其上行潛力，或者這是一個需要謹慎行事的信號？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>瞭解 SWS DCF 模型如何得出其公允價值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fc7d3f36-7789-4a40-8892-bf2ab67f8e26/chart/dcf" alt="" original-src="https://images.simplywall.st/company/fc7d3f36-7789-4a40-8892-bf2ab67f8e26/chart/dcf"/></p>
<p>PTGX Discounted Cash Flow as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 PTGX 折現現金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Protagonist Therapeutics for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 897 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天對全球每隻股票進行折現現金流（DCF）分析（例如 Protagonist Therapeutics）。我們展示了完整的計算過程。您可以在您的觀察列表或投資組合中跟蹤結果，並在變化時收到提醒，或者使用我們的股票篩選器發現 897 只基於現金流的低估股票。如果您保存了篩選器，我們甚至會在新公司匹配時提醒您——這樣您就不會錯過潛在機會。</p>
</div><h2>Build Your Own Protagonist Therapeutics Narrative</h2>
<div class="lb-trans"><h2>構建您自己的 Protagonist Therapeutics 敍述</h2>
</div><p>If you have a different perspective or want to see what the numbers reveal for yourself, you can dive in and construct your own view of the story in just a few minutes. Do it your way</p>
<div class="lb-trans"><p>如果您有不同的觀點或想親自查看數字揭示的內容，您可以深入研究並在幾分鐘內構建自己的故事視角。以您自己的方式進行。</p>
</div><p>A great starting point for your Protagonist Therapeutics research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>您對 Protagonist Therapeutics 研究的一個很好的起點是我們的分析，強調了 2 個關鍵收益和 1 個可能影響您投資決策的重要警示信號。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>尋找更多投資想法？</h2>
</div><p>Move fast and tap into potential market winners. Simply Wall Street Screener spotlights opportunities you will not want to let slip past you this year.</p>
<div class="lb-trans"><p>迅速行動，抓住潛在市場贏家。Simply Wall Street 篩選器突出了您今年不想錯過的機會。</p>
</div><ul>
<li>Supercharge your income with high-yield payouts by checking out these 16 dividend stocks with yields &gt; 3% that consistently deliver strong dividends above 3%.</li>
<li>Unearth rapidly advancing trends in artificial intelligence by seeing these 25 AI penny stocks at the forefront of revolutionary breakthroughs and real business impact.</li>
<li>Catch undervalued gems trading below fair value by reviewing these 897 undervalued stocks based on cash flows for the best cash flow-driven bargains available today.</li>
</ul>
<div class="lb-trans"><ul>
<li>通過查看這 16 只收益率超過 3% 的高股息股票，快速提升您的收入，這些股票持續提供強勁的股息。</li>
<li>通過查看這 25 只在革命性突破和實際商業影響方面處於前沿的 AI 便士股票，挖掘快速發展的人工智能趨勢。</li>
<li>通過審查這 897 只基於現金流的低估股票，捕捉交易價格低於公允價值的珍品，尋找最佳的現金流驅動的交易機會。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們提供基於歷史數據和分析師預測的評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成買入或賣出任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均沒有持倉。</em></p>
</div>

在季度虧損顯著擴大後，對 Protagonist Therapeutics（PTGX）的估值進行檢查