Prothena Corp. (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
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 commented on PRTA. Credit Suisse Group AG reaffirmed a “buy” rating and set a $65.00 price objective on shares of Prothena Corp. in a research note on Tuesday, September 27th. Wedbush reaffirmed an “outperform” rating and set a $77.00 price objective on shares of Prothena Corp. in a research note on Monday, September 26th. Barclays PLC raised their price objective on Prothena Corp. from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, August 4th. Finally, Deutsche Bank AG assumed coverage on Prothena Corp. in a research note on Thursday, November 3rd. They set a “buy” rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $75.43.
Prothena Corp. (NASDAQ:PRTA) traded up 1.63% during mid-day trading on Friday, hitting $64.26. The stock had a trading volume of 161,799 shares. The company’s market capitalization is $2.22 billion. Prothena Corp. has a 52 week low of $28.20 and a 52 week high of $76.42. The stock’s 50-day moving average is $55.93 and its 200 day moving average is $51.43.
Prothena Corp. (NASDAQ:PRTA) last issued its quarterly earnings data on Tuesday, November 1st. The company reported ($1.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.22) by $0.04. The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $0.49 million. Prothena Corp. had a negative return on equity of 32.65% and a negative net margin of 11,365.41%. Equities analysts forecast that Prothena Corp. will post ($4.36) earnings per share for the current fiscal year.
In related news, insider Karin L. Walker sold 12,000 shares of Prothena Corp. stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $61.10, for a total value of $733,200.00. Following the sale, the insider now owns 7,000 shares of the company’s stock, valued at $427,700. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arthur W. Homan sold 3,125 shares of Prothena Corp. stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $52.16, for a total value of $163,000.00. Following the completion of the sale, the insider now directly owns 3,125 shares in the company, valued at approximately $163,000. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased 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 in the last quarter. Societe Generale bought a new stake in Prothena Corp. during the second quarter worth about $111,000. Strs Ohio bought a new stake in Prothena Corp. during the third quarter worth about $131,000. Barclays PLC increased its stake in Prothena Corp. by 70.8% in the first quarter. Barclays PLC now owns 3,293 shares of the company’s stock worth $135,000 after buying an additional 1,365 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Prothena Corp. by 49.9% in the second quarter. BNP Paribas Arbitrage SA now owns 4,039 shares of the company’s stock worth $141,000 after buying an additional 1,344 shares in the last quarter.
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).