Zacks Investment Research Lowers Prothena Corp. (PRTA) to Sell
Prothena Corp. (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Prothena is a development-stage biotech company with its focus on the development of novel protein immunotherapies. The company’s top line consists entirely of collaboration revenues from its partners and other revenues from third parties. Moreover, the company depends on its only late-stage pipeline candidate, NEOD001, being developed for the treatment of amyloid light-chain amyloidosis (AL amyloidosis). Any unfavorable outcome on the candidate would adversely impact the company. Also, the company has a limited number of candidates in the pipeline, most of which are several years from commercialization. Nevertheless, Prothena’s license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration should boost the company’s pipeline development and provide it with funds in the form of research reimbursement and milestone payments.”
Several other equities analysts have also recently issued reports on PRTA. Barclays PLC upped their price objective on Prothena Corp. from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, August 4th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Prothena Corp. in a research report on Friday, June 10th. Wedbush reaffirmed an “outperform” rating and issued a $77.00 price objective on shares of Prothena Corp. in a research report on Tuesday, July 5th. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Prothena Corp. in a report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Prothena Corp. presently has a consensus rating of “Buy” and a consensus price target of $76.80.
Prothena Corp. (NASDAQ:PRTA) traded up 3.66% during trading on Tuesday, reaching $61.95. The company had a trading volume of 209,328 shares. The firm’s 50-day moving average price is $56.03 and its 200 day moving average price is $48.15. The firm’s market capitalization is $2.13 billion. Prothena Corp. has a one year low of $28.20 and a one year high of $76.42.
Prothena Corp. (NASDAQ:PRTA) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by $0.27. The business earned $0.33 million during the quarter, compared to the consensus estimate of $0.39 million. Prothena Corp. had a negative net margin of 8,628.11% and a negative return on equity of 28.15%. The firm’s revenue was up 22.2% on a year-over-year basis. Equities analysts forecast that Prothena Corp. will post ($4.25) earnings per share for the current fiscal year.
In related news, insider Karin L. Walker sold 12,000 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $61.10, for a total value of $733,200.00. Following the transaction, the insider now directly owns 7,000 shares of the company’s stock, valued at approximately $427,700. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Arthur W. Homan sold 9,375 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $52.14, for a total value of $488,812.50. Following the completion of the transaction, the insider now directly owns 9,375 shares in the company, valued at $488,812.50. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of 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 position in shares of Prothena Corp. during the second quarter worth approximately $111,000. BNP Paribas Arbitrage SA boosted 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 worth $141,000 after buying an additional 1,344 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Prothena Corp. by 14.0% in the second quarter. Teacher Retirement System of Texas now owns 4,021 shares of the company’s stock worth $141,000 after buying an additional 493 shares in the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in shares of Prothena Corp. during the second quarter worth approximately $195,000.
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).
Receive News & Stock Ratings for Prothena Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prothena Corp. and related stocks with our FREE daily email newsletter.