Prothena (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

According to Zacks, “Prothena's license agreement with Roche for prasinezumab is big positive as it not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. The company also entered into an agreement with Celgene to develop its pipeline which should boost investor sentiment given the latter’s expertise. However, Prothena suffered a major setback with the discontinuation of development of lead candidate NEOD001. Moreover, due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Consequently, the company has decided to reduce its workforce by 57%. The lack of promising candidates is a concern. Shares have performed worse than the industry in the last twelve months.”

A number of other equities analysts also recently issued reports on the stock. BidaskClub upgraded shares of Prothena from a “sell” rating to a “hold” rating in a report on Wednesday. ValuEngine downgraded shares of Prothena from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a report on Friday, November 23rd. Finally, Oppenheimer reiterated a “hold” rating on shares of Prothena in a report on Sunday, November 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $36.11.

Shares of PRTA stock traded up $0.34 during mid-day trading on Friday, hitting $11.59. The stock had a trading volume of 28,698 shares, compared to its average volume of 465,975. The stock has a market capitalization of $450.86 million, a PE ratio of -2.85 and a beta of 2.43. Prothena has a fifty-two week low of $8.63 and a fifty-two week high of $46.14.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.05) by $0.43. The business had revenue of $0.26 million during the quarter, compared to the consensus estimate of $0.26 million. Prothena had a negative net margin of 18,276.97% and a negative return on equity of 43.17%. Equities research analysts forecast that Prothena will post -3.87 earnings per share for the current year.

A number of large investors have recently bought and sold shares of PRTA. Raymond James & Associates purchased a new position in Prothena during the 2nd quarter valued at about $170,000. Marshall Wace LLP acquired a new stake in shares of Prothena during the 3rd quarter worth about $191,000. Trexquant Investment LP acquired a new stake in shares of Prothena during the 3rd quarter worth about $301,000. Traynor Capital Management Inc. boosted its stake in shares of Prothena by 21.1% during the 3rd quarter. Traynor Capital Management Inc. now owns 24,350 shares of the biotechnology company’s stock worth $318,000 after purchasing an additional 4,250 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of Prothena during the 3rd quarter worth about $349,000.

Prothena Company Profile

Prothena Corporation plc, a late-stage clinical biotechnology company, focuses on the discovery, development, and commercialization of novel immunotherapies for the treatment of diseases in the neuroscience and orphan categories. The company is developing antibody-based product candidates that include NEOD001, a monoclonal antibody that is in Phase III and Phase IIb clinical trials for the treatment of AL amyloidosis; PRX002/RG7935 that is in Phase II clinical trial for treating Parkinson's disease and other related synucleinopathies; and PRX004, a monoclonal antibody that is under preclinical development for the treatment of ATTR Amyloidosis.

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