Zacks Investment Research Downgrades Prothena Corp. (PRTA) to Hold
Prothena Corp. (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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 brokerages also recently weighed in on PRTA. Credit Suisse Group AG reaffirmed a “buy” rating and set a $65.00 price target on shares of Prothena Corp. in a research report on Sunday, September 11th. Deutsche Bank AG started coverage on Prothena Corp. in a research report on Thursday, November 3rd. They set a “buy” rating and a $73.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and set a $77.00 price target on shares of Prothena Corp. in a research report on Thursday, November 10th. Finally, Barclays PLC increased their price target on Prothena Corp. from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report 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 company. The company has a consensus rating of “Buy” and a consensus target price of $75.43.
Shares of Prothena Corp. (NASDAQ:PRTA) opened at 60.49 on Friday. The company’s market capitalization is $2.09 billion. Prothena Corp. has a one year low of $28.20 and a one year high of $73.47. The stock has a 50 day moving average price of $55.80 and a 200 day moving average price of $51.93.
Prothena Corp. (NASDAQ:PRTA) last released its earnings results on Tuesday, November 1st. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by $0.04. Prothena Corp. had a negative net margin of 11,365.41% and a negative return on equity of 32.65%. The firm earned $0.29 million during the quarter, compared to analyst estimates of $0.49 million. On average, equities research analysts predict that Prothena Corp. will post ($4.36) earnings per share for the current year.
In related news, insider Arthur W. Homan sold 3,125 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $163,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gene G. Kinney sold 8,548 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $55.32, for a total transaction of $472,875.36. Following the completion of 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 hedge funds and other institutional investors have recently modified their holdings of PRTA. DekaBank Deutsche Girozentrale raised its position in shares of Prothena Corp. by 13.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 17,500 shares of the company’s stock worth $643,000 after buying an additional 2,050 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Prothena Corp. during the second quarter worth $195,000. Swiss National Bank raised 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 worth $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 worth $111,000. Finally, Quantitative Investment Management LLC bought a new position in shares of Prothena Corp. during the second quarter worth $353,000.
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).
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