Zacks Investment Research upgraded shares of Prothena Corp. (NASDAQ:PRTA) from a hold rating to a buy rating in a report published on Thursday. Zacks Investment Research currently has $71.00 price target on the stock.
According to Zacks, “Prothena’s third-quarter results were disappointing with the company posting a wider-than-expected loss. Nevertheless, its license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration boosts the company’s pipeline development and provides it with funds in the form of research reimbursement and milestone payments. We are encouraged by the company’s efforts in developing its lead candidate, NEOD001, being evaluated for the treatment of amyloid light-chain amyloidosis However, the company depends on its only late-stage pipeline candidate, NEOD001 for growth. Any unfavorable outcome related to the candidate would adversely impact the company. Moreover, Prothena has a limited number of candidates in the pipeline, with most of them several years from commercialization.”
Several other brokerages also recently weighed in on PRTA. Credit Suisse Group AG restated a buy rating and set a $65.00 price target on shares of Prothena Corp. in a report on Tuesday, September 27th. Wedbush restated an outperform rating and set a $77.00 price target on shares of Prothena Corp. in a report on Monday, September 26th. Barclays PLC increased their price objective on Prothena Corp. from $60.00 to $70.00 and gave the company an overweight rating in a report on Thursday, August 4th. Finally, Deutsche Bank AG initiated coverage on Prothena Corp. in a report on Thursday, November 3rd. They issued a buy rating and a $73.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating, The stock has an average rating of Buy and an average price target of $75.43.
Prothena Corp. (NASDAQ:PRTA) opened at 63.23 on Thursday. The company’s 50-day moving average price is $55.93 and its 200 day moving average price is $51.43. The stock’s market capitalization is $2.18 billion. Prothena Corp. has a 12 month low of $28.20 and a 12 month high of $76.42.
Prothena Corp. (NASDAQ:PRTA) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($1.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.22) by $0.04. Prothena Corp. had a negative return on equity of 32.65% and a negative net margin of 11,365.41%. The company had revenue of $0.29 million for the quarter, compared to analysts’ expectations of $0.49 million. On average, analysts forecast that Prothena Corp. will post ($4.36) earnings per share for the current fiscal year.
In other Prothena Corp. news, insider Arthur W. Homan sold 3,125 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $52.16, for a total transaction of $163,000.00. Following the completion of the sale, the insider now directly owns 3,125 shares of the company’s stock, valued at approximately $163,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karin L. Walker sold 5,000 shares of the stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $54.23, for a total value of $271,150.00. Following the sale, the insider now directly owns 3,000 shares of the company’s stock, valued at $162,690. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Prothena Corp. by 197.8% in the first quarter. BlackRock Inc. now owns 2,656 shares of the company’s stock worth $110,000 after buying an additional 1,764 shares during the last quarter. BlackRock Group LTD boosted its stake in Prothena Corp. by 23.1% in the first quarter. BlackRock Group LTD now owns 19,094 shares of the company’s stock worth $785,000 after buying an additional 3,577 shares during the last quarter. State Street Corp boosted its stake in Prothena Corp. by 51.3% in the first quarter. State Street Corp now owns 1,224,523 shares of the company’s stock worth $50,406,000 after buying an additional 415,089 shares during the last quarter. UBS Group AG boosted its stake in Prothena Corp. by 5.4% in the first quarter. UBS Group AG now owns 21,504 shares of the company’s stock worth $886,000 after buying an additional 1,101 shares during the last quarter. Finally, Opaleye Management Inc. bought a new stake in Prothena Corp. during the first quarter worth $576,000.
About Prothena Corp.
Prothena Corporation Public Limited Company is a global biotechnology company. The Company is focused on the discovery, development and commercialization of immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The Company’s clinical pipeline of antibody-based product candidates targets a range of indications, including Amyloid Light-chain (AL) amyloidosis (NEOD001), Parkinson’s disease and other related synucleinopathies (PRX002), and inflammatory diseases, including psoriasis (PRX003).