Shares of Protagonist Therapeutics (PTGX) are soaring 5.11% in Monday's intraday trading session, buoyed by positive analyst actions from major Wall Street firms. The biotechnology company's stock is gaining momentum as investors react to raised price targets from both Goldman Sachs and Citigroup.

Goldman Sachs has significantly increased its price target on Protagonist Therapeutics to $65 from $47, while maintaining a Neutral rating on the shares. This represents a substantial 38% increase in their valuation of the company. Meanwhile, Citigroup has also adjusted its stance, raising its target price to $98 from $96, further reinforcing the positive sentiment surrounding the stock.

These upward revisions in price targets suggest that analysts are becoming increasingly optimistic about Protagonist Therapeutics' future prospects. While the specific reasons behind the upgrades were not detailed in the reports, such actions often reflect analysts' confidence in a company's pipeline, financial health, or market potential. Investors are likely interpreting these moves as bullish signals, driving the stock's notable intraday climb.