Protagonist Therapeutics (PTGX: NASDAQ)

Protagonist Therapeutics (PTGX) is a biopharmaceutical company that develops peptide-based drugs for hematology and blood-based disorders. The stock will replace Encore Wire Corp in the S&P Small Cap 600, a move that is likely to attract significant buying flows from pension funds and institutional investors, leading to a substantial appreciation in the stock price over the next few months.

Protagonist Therapeutics has entered into a global license and partnership agreement with Takeda to develop and market Rusfertide. As part of this deal, Protagonist is eligible to receive a $300 million upfront payment from Takeda, which will strengthen its financial and market positions.

The Phase II REVIVE trial results for Rusfertide have shown promising outcomes. If the drug is approved and distributed, Protagonist may opt out of the 50:50 profit share arrangement, choosing instead to receive opt-out payments, milestone payments, and royalties, significantly driving up its profits.

We are bullish on PTGX above $31.50-$32.00, with an upside target of $48.00-$50.00.

Qorvo (QRVO: NASDAQ)

Qorvo (QRVO) develops and sells technologies and products for wireless, wired, and power markets across the globe. The company reported robust year-over-year revenue gains, attributing this growth to significant content gains with key mobile customers and robust revenue growth in its defense and aerospace business. Qorvo supplied radio frequency (RF) chips to flagship Android OEMs such as Samsung, indicating massive growth expansion in the South Korean market.

Qorvo’s products are also gaining traction in China. The top four OEMs in China have adopted more of the company’s chips, and Qorvo is set to begin volume shipments of its products to those customers this year. The company expects fiscal 2025 Q1 revenue of $850 million, which would be a 30% increase from the same period last year.

Although Qorvo has adopted a measured approach for the full fiscal year, expecting modest revenue growth, analysts have a more optimistic consensus on its future results. Many analysts forecast a 3% increase in full-year revenue to $3.9 billion, followed by an 8.3% increase in fiscal 2026.

Apple and Samsung, Qorvo’s largest customers and the top two smartphone OEMs globally with a combined market share of just over 38% in the first quarter of 2024, position Qorvo well to capitalize on the next big thing in the smartphone industry—Artificial Intelligence (AI).

We are bullish on QRVO above $114.00-$115.00, with an upside target of $160.00-$165.00.

Bitcoin (BTCUSD)

It’s been a wild week for the cryptocurrency market, with several crypto innovators seemingly shifting their political allegiance to gain further regulatory clarity in the upcoming election cycle. Bitcoin saw a significant surge last week, maintaining its key technical support in the $50,000-$55,000 zone. This support level is crucial for the bullish outlook in the market to stay intact.

Additionally, Bitcoin’s price pattern has evolved, forming a descending price channel, which is a continuation pattern. For Bitcoin to confirm a breakout, it needs to close above the upper trendline of this formation, or above the $70,000-$72,000 range.

Should Bitcoin achieve this breakout, it could potentially lead to a rally reaching as high as $90,000-$92,000. The market is closely watching these levels as they play a critical role in determining the next major move for Bitcoin.