Maxim Group Begins Coverage on Proteon Therapeutics Inc. (PRTO)
Investment analysts at Maxim Group assumed coverage on shares of Proteon Therapeutics Inc. (NASDAQ:PRTO) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $19.00 price target on the biopharmaceutical company’s stock. Maxim Group’s price objective would suggest a potential upside of 105.41% from the company’s previous close.
Other analysts have also recently issued reports about the stock. HC Wainwright initiated coverage on shares of Proteon Therapeutics in a research note on Thursday, September 22nd. They issued a “buy” rating and a $18.00 price objective for the company. Zacks Investment Research raised shares of Proteon Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, October 12th. Cowen and Company initiated coverage on shares of Proteon Therapeutics in a research note on Wednesday, October 19th. They issued an “outperform” rating for the company. Finally, Raymond James Financial Inc. raised shares of Proteon Therapeutics from an “outperform” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, October 26th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $20.33.
Proteon Therapeutics (NASDAQ:PRTO) opened at 9.25 on Thursday. The stock’s market cap is $153.38 million. Proteon Therapeutics has a 52-week low of $4.90 and a 52-week high of $16.48. The firm has a 50 day moving average of $9.05 and a 200-day moving average of $8.24.
Proteon Therapeutics (NASDAQ:PRTO) last announced its quarterly earnings data on Monday, November 7th. The biopharmaceutical company reported ($0.43) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.03. Equities analysts anticipate that Proteon Therapeutics will post ($1.77) earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Deerfield Management Co. raised its position in Proteon Therapeutics by 22.7% in the second quarter. Deerfield Management Co. now owns 1,552,031 shares of the biopharmaceutical company’s stock valued at $12,463,000 after buying an additional 286,688 shares during the period. Paloma Partners Management Co acquired a new position in Proteon Therapeutics during the second quarter valued at approximately $234,000. TFS Capital LLC acquired a new position in Proteon Therapeutics during the second quarter valued at approximately $206,000. Finally, Bridgeway Capital Management Inc. raised its position in Proteon Therapeutics by 211.2% in the second quarter. Bridgeway Capital Management Inc. now owns 36,835 shares of the biopharmaceutical company’s stock valued at $296,000 after buying an additional 25,000 shares during the period. Institutional investors and hedge funds own 51.54% of the company’s stock.
About Proteon Therapeutics
Proteon Therapeutics, Inc is a late-stage biopharmaceutical company, which focuses on the development of pharmaceuticals to address the needs of patients with renal and vascular disease. The Company is involved in research and development activities. The Company’s product candidate, product candidate, vonapanitase, formerly PRT-201, is a recombinant human elastase that it is developing to manage vascular access failure in patients with chronic kidney disease undergoing or planning for hemodialysis, a lifesaving treatment that cannot be conducted without a functioning vascular access.
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