Prothena (NASDAQ:PRTA) Issues Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Prothena (NASDAQ:PRTA) announced its earnings results on Thursday. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07), Zacks reports. The firm had revenue of $2.42 million during the quarter, compared to analyst estimates of $6.64 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%.

Prothena Price Performance

Shares of NASDAQ:PRTA traded up $0.48 during midday trading on Friday, reaching $10.56. The company had a trading volume of 928,366 shares, compared to its average volume of 981,456. The stock has a market capitalization of $568.44 million, a P/E ratio of -1.87 and a beta of -0.09. Prothena has a one year low of $4.32 and a one year high of $18.60. The stock’s fifty day moving average price is $9.49 and its 200-day moving average price is $7.82.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PRTA shares. Wall Street Zen raised shares of Prothena from a “sell” rating to a “hold” rating in a research note on Saturday. HC Wainwright boosted their target price on Prothena from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prothena in a research report on Wednesday. Piper Sandler lifted their target price on shares of Prothena from $15.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada increased their price target on shares of Prothena from $10.00 to $11.00 and gave the company a “sector perform” rating in a research report on Friday. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Prothena presently has a consensus rating of “Hold” and a consensus target price of $25.78.

Institutional Investors Weigh In On Prothena

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rangeley Capital LLC bought a new stake in Prothena in the second quarter valued at about $4,342,000. JPMorgan Chase & Co. lifted its holdings in shares of Prothena by 479.6% during the third quarter. JPMorgan Chase & Co. now owns 735,765 shares of the biotechnology company’s stock valued at $7,181,000 after acquiring an additional 608,814 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Prothena in the 2nd quarter valued at $3,495,000. Qube Research & Technologies Ltd bought a new position in Prothena during the 2nd quarter valued at about $2,518,000. Finally, Squarepoint Ops LLC bought a new stake in Prothena during the second quarter worth about $1,270,000. Institutional investors own 97.08% of the company’s stock.

Prothena Company Profile

Prothena Corporation plc, a late-stage clinical biotechnology company, focuses on discovery and development of novel therapies to treat diseases caused by protein dysregulation in the United States. The company is involved in developing birtamimab, an investigational humanized antibody that is in Phase III clinical trial for the treatment of AL amyloidosis; Prasinezumab, a humanized monoclonal antibody, for the treatment of Parkinson’s disease and other related synucleinopathies which is in Phase IIb clinical trial; NNC6019 that is in Phase lI clinical trial for the treatment of ATTR amyloidosis; and BMS-986446 and PRX012, which is in Phase I clinical trial for the treatment of Alzheimer’s disease.