Prothena Corp. (PRTA) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Prothena Corp. (NASDAQ:PRTA) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $72.00 target price on the stock.
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 equities analysts also recently issued reports about the company. Credit Suisse Group AG restated a buy rating and set a $65.00 price objective on shares of Prothena Corp. in a research report on Sunday, September 11th. Deutsche Bank AG initiated coverage on Prothena Corp. in a research report on Thursday, November 3rd. They set a buy rating and a $73.00 price objective for the company. Wedbush restated an outperform rating and set a $77.00 price objective on shares of Prothena Corp. in a research report on Thursday, November 10th. Finally, 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 report on Thursday, August 4th. Seven research analysts have rated the stock with a buy rating, The company has a consensus rating of Buy and an average price target of $75.57.
Prothena Corp. (NASDAQ:PRTA) traded down 0.80% during trading on Thursday, reaching $64.30. The company’s stock had a trading volume of 32,452 shares. Prothena Corp. has a 12 month low of $28.20 and a 12 month high of $76.42. The company’s 50-day moving average is $55.55 and its 200-day moving average is $50.69. The stock’s market cap is $2.22 billion.
Prothena Corp. (NASDAQ:PRTA) last issued its quarterly earnings data on Tuesday, November 1st. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $0.29 million for the quarter, compared to the consensus estimate of $0.49 million. Equities analysts expect that Prothena Corp. will post ($4.36) EPS for the current fiscal year.
In related news, insider Gene G. Kinney sold 20,619 shares of Prothena Corp. stock in a transaction that occurred on Friday, October 21st. The stock was sold at an average price of $55.10, for a total transaction of $1,136,106.90. Following the transaction, the insider now owns 17,578 shares of the company’s stock, valued at $968,547.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Arthur W. Homan sold 3,125 shares of Prothena Corp. stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $52.16, for a total value of $163,000.00. Following the transaction, 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. Insiders own 3.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PRTA. 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 valued at $110,000 after buying an additional 1,764 shares during the last quarter. Societe Generale bought a new position in shares of Prothena Corp. during the second quarter valued at about $111,000. Strs Ohio bought a new position in shares of Prothena Corp. during the third quarter valued at about $131,000. 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 valued at $141,000 after buying an additional 1,344 shares during the last quarter. Finally, 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 valued at $141,000 after buying an additional 493 shares during 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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