Prothena Corp. (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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.”
Other research analysts have also issued reports about the stock. Wedbush reiterated an “outperform” rating and set a $77.00 price target on shares of Prothena Corp. in a research note on Wednesday, August 3rd. Deutsche Bank AG began coverage on shares of Prothena Corp. in a research report on Thursday, November 3rd. They set a “buy” rating and a $73.00 target price on the stock. Barclays PLC upped their target price on shares of Prothena Corp. from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, August 4th. Finally, Credit Suisse Group AG restated a “buy” rating and set a $65.00 target price on shares of Prothena Corp. in a research report on Tuesday, September 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $75.43.
Shares of Prothena Corp. (NASDAQ:PRTA) opened at 60.49 on Friday. The firm’s market cap is $2.09 billion. The stock’s 50 day moving average is $55.80 and its 200-day moving average is $51.93. Prothena Corp. has a one year low of $28.20 and a one year high of $73.47.
Prothena Corp. (NASDAQ:PRTA) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.29 million for the quarter, compared to analyst estimates of $0.49 million. Analysts anticipate that Prothena Corp. will post ($4.36) EPS for the current fiscal year.
In other Prothena Corp. news, insider Arthur W. Homan sold 3,125 shares of the company’s 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 sale, the insider now owns 3,125 shares of the company’s stock, valued at $163,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gene G. Kinney sold 20,619 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $55.10, for a total transaction of $1,136,106.90. Following the completion of the sale, the insider now directly owns 17,578 shares in the company, valued at approximately $968,547.80. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Prothena Corp. by 197.8% in the first quarter. BlackRock Inc. now owns 2,656 shares of the company’s stock valued at $110,000 after buying an additional 1,764 shares during the period. BlackRock Group LTD increased its position in shares of Prothena Corp. by 23.1% in the first quarter. BlackRock Group LTD now owns 19,094 shares of the company’s stock valued at $785,000 after buying an additional 3,577 shares during the last quarter. UBS Group AG increased its position in shares of Prothena Corp. by 5.4% in the first quarter. UBS Group AG now owns 21,504 shares of the company’s stock valued at $886,000 after buying an additional 1,101 shares during the last quarter. Opaleye Management Inc. purchased a new position in shares of Prothena Corp. during the first quarter valued at about $576,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of Prothena Corp. by 49.9% in the second quarter. BNP Paribas Arbitrage SA now owns 4,039 shares of the company’s stock valued at $141,000 after buying an additional 1,344 shares during the last quarter.
Prothena Corp. Company Profile
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).