Prothena Corp. (PRTA) Downgraded by Zacks Investment Research
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.”
Several other research analysts have also recently commented on the stock. Wedbush restated an “outperform” rating and set a $77.00 target price on shares of Prothena Corp. in a report on Thursday, November 10th. Deutsche Bank AG started coverage on shares of Prothena Corp. in a research note on Thursday, November 3rd. They issued a “buy” rating and a $73.00 price target for the company. Credit Suisse Group AG reiterated a “buy” rating and issued a $65.00 price target on shares of Prothena Corp. in a research note on Tuesday, September 27th. Finally, Barclays PLC increased their price target on shares of Prothena Corp. from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $75.57.
Prothena Corp. (NASDAQ:PRTA) traded down 1.65% on Friday, hitting $63.75. 72,083 shares of the stock traded hands. The stock’s market cap is $2.20 billion. The firm’s 50 day moving average is $55.55 and its 200 day moving average is $50.69. Prothena Corp. has a 52 week low of $28.20 and a 52 week high of $76.42.
Prothena Corp. (NASDAQ:PRTA) last announced its earnings results 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. Prothena Corp. had a negative return on equity of 32.65% and a negative net margin of 11,365.41%. The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $0.49 million. Equities analysts anticipate that Prothena Corp. will post ($4.36) earnings per share for the current year.
In related news, insider Karin L. Walker sold 12,000 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $61.10, for a total transaction of $733,200.00. Following the transaction, the insider now directly owns 7,000 shares of the company’s stock, valued at $427,700. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gene G. Kinney sold 8,548 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $55.32, for a total transaction of $472,875.36. Following the transaction, the insider now directly owns 11,341 shares in the company, valued at $627,384.12. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Societe Generale acquired a new position in Prothena Corp. during the second quarter worth approximately $111,000. Quantitative Investment Management LLC purchased a new position in Prothena Corp. during the second quarter valued at approximately $353,000. California State Teachers Retirement System raised its position in Prothena Corp. by 1.5% in the second quarter. California State Teachers Retirement System now owns 72,831 shares of the company’s stock valued at $2,546,000 after buying an additional 1,077 shares in the last quarter. Bank of New York Mellon Corp raised its position in Prothena Corp. by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 162,670 shares of the company’s stock valued at $5,687,000 after buying an additional 1,917 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Prothena Corp. by 15.0% in the second quarter. American Century Companies Inc. now owns 48,151 shares of the company’s stock valued at $1,683,000 after buying an additional 6,290 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).
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