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 issued to investors on Thursday. They currently have $71.00 price objective 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.”
Several other equities analysts have also commented on PRTA. Wedbush restated an outperform rating and set a $77.00 price target on shares of Prothena Corp. in a research note on Wednesday, August 3rd. Barclays PLC raised their price target on Prothena Corp. from $60.00 to $70.00 and gave the company an overweight rating in a research note on Thursday, August 4th. Credit Suisse Group AG restated a buy rating and set a $65.00 price target on shares of Prothena Corp. in a research note on Sunday, September 11th. Finally, Deutsche Bank AG initiated coverage on Prothena Corp. in a research note on Thursday, November 3rd. They set a buy rating and a $73.00 price target on the stock. Seven analysts have rated the stock with a buy rating, The stock currently has a consensus rating of Buy and an average price target of $75.43.
Prothena Corp. (NASDAQ:PRTA) opened at 63.23 on Thursday. Prothena Corp. has a 12 month low of $28.20 and a 12 month high of $76.42. The stock’s market cap is $2.18 billion. The firm has a 50-day moving average price of $55.93 and a 200-day moving average price of $51.43.
Prothena Corp. (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 1st. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.22) by $0.04. The firm had revenue of $0.29 million for the quarter, compared to analysts’ expectations of $0.49 million. Prothena Corp. had a negative net margin of 11,365.41% and a negative return on equity of 32.65%. Equities research analysts expect that Prothena Corp. will post ($4.36) earnings per share for the current fiscal year.
In related news, insider Karin L. Walker sold 5,000 shares of Prothena Corp. stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $54.23, for a total transaction of $271,150.00. Following the completion of the sale, the insider now owns 3,000 shares of the company’s stock, valued at $162,690. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arthur W. Homan sold 3,125 shares of Prothena Corp. stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $52.16, for a total value of $163,000.00. Following the sale, the insider now directly owns 3,125 shares of the company’s stock, valued at approximately $163,000. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in PRTA. Emerald Acquisition Ltd. purchased a new stake in Prothena Corp. during the second quarter worth approximately $195,000. Swiss National Bank boosted its position in shares of Prothena Corp. by 1.8% in the second quarter. Swiss National Bank now owns 49,900 shares of the company’s stock valued at $1,745,000 after buying an additional 900 shares in the last quarter. Societe Generale bought a new position in shares of Prothena Corp. during the second quarter valued at $111,000. Quantitative Investment Management LLC bought a new position in shares of Prothena Corp. during the second quarter valued at $353,000. Finally, California State Teachers Retirement System boosted its position in shares of 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.
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).
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