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We just covered Billionaire Tom Steyer’s 10 Stock Picks with Huge Upside Potential and Protagonist Therapeutics, Inc. (NASDAQ:PTGX) ranks 4th on this list.

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has been a consistent feature in the 13F portfolio of Farallon Capital since the fourth quarter of 2017. Back then, this position comprised 900,000 shares. In the quarters since then, the fund has steadily built up this stake. Filings for the fourth quarter of 2025 show that the fund owned 6.1 million shares in the firm, roughly the same as in the third quarter of 2025. The firm operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis, and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera.

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Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has been attracting interest from elite investors because of the recent FDA approval and commercial launch of Icotyde for moderate-to-severe plaque psoriasis. Hedge funds view Icotyde as a major threat to current injectable biologics. It is the only once-daily oral IL-23R peptide on the market, offering the convenience of a pill with the potency typically reserved for shots. Because the drug was developed with Johnson & Johnson, J&J handles the massive global marketing effort. This allows Protagonist to collect high-margin royalties without the overhead of a sales force. The approval triggered a $50 million milestone payment this quarter, with the company eligible for another $580 million in future regulatory and sales milestones.

While we acknowledge the potential of PTGX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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