Protagonist Therapeutics falls amid a report J&J deal price may be lower

[Johnson & Johnson offices in Silicon Valley]
Sundry Photography/iStock Editorial via Getty Images

Protagonist Therapeutics (NASDAQ:PTGX [https://seekingalpha.com/symbol/PTGX]) dropped 5% after a report that the Johnson & Johnson (NYSE:JNJ [https://seekingalpha.com/symbol/JNJ]) takeover price may be lower than the current share price.

Blackstone is to speculated to be the private equity firm working with Johnson & Johnson (NYSE:JNJ [https://seekingalpha.com/symbol/JNJ]) on a takeover of Protagonist, according to traders, who cited a Betaville "uncooked" alert that was circulating on Monday.

One person following the matter suggested that the consortium looking to buy Protagonist may pay around $75 a share for the assets.

The Betaville alert comes after the WSJ on Friday reported that Johnson & Johnson was in talks to acquire Protagonist. [https://seekingalpha.com/news/4503348-j-and-j-reportedly-in-talks-to-buy-protagonist]

J&J is set to report Q3 results [https://seekingalpha.com/news/4503664-johnson-johnson-q3-earnings-on-deck-what-to-expect] on Tuesday.

MORE ON PROTAGONIST, JOHNSON & JOHNSON

* Why Johnson & Johnson Is Eyeing Protagonist Therapeutics: The Rationale [https://seekingalpha.com/article/4829502-why-johnson-and-johnson-is-eyeing-protagonist-therapeutics-the-rationale]
* Johnson & Johnson To Acquire Protagonist? It'd Be A Good Deal To Make [https://seekingalpha.com/article/4829332-johnson-and-johnson-to-acquire-protagonist-itd-be-good-deal-to-make]
* Johnson & Johnson: A Safe Haven That's Quietly Becoming A Bit Overpriced [https://seekingalpha.com/article/4829076-johnson-and-johnson-safe-haven-quietly-becoming-overpriced]
* Johnson & Johnson Q3 earnings on deck: What to expect [https://seekingalpha.com/news/4503664-johnson-johnson-q3-earnings-on-deck-what-to-expect]
* Short bets on S&P 500 Healthcare sector rises marginally to 1.91% in September; MRNA remains most shorted stock [https://seekingalpha.com/news/4503493-short-bets-on-sp-500-healthcare-sector-rises-marginally-to-191-in-september-mrna-remains-most-shorted-stock]