Bank of America Lowers Prothena (NASDAQ:PRTA) Price Target to $22.00

Prothena (NASDAQ:PRTA) had its target price reduced by stock analysts at Bank of America from $26.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective points to a potential upside of 34.64% from the stock’s current price.

Several other analysts have also issued reports on the company. HC Wainwright restated a “buy” rating and issued a $84.00 price objective on shares of Prothena in a research note on Wednesday, November 13th. StockNews.com downgraded Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Prothena has a consensus rating of “Hold” and a consensus price target of $60.33.

Prothena Stock Up 36.7 %

Shares of NASDAQ:PRTA traded up $4.39 during midday trading on Thursday, reaching $16.34. The company had a trading volume of 2,178,156 shares, compared to its average volume of 583,703. Prothena has a 1-year low of $11.70 and a 1-year high of $41.54. The stock has a market cap of $879.24 million, a PE ratio of -6.59 and a beta of 0.09. The business’s 50 day moving average price is $15.83 and its 200 day moving average price is $19.22.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.08. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The company had revenue of $0.97 million for the quarter, compared to analysts’ expectations of $1.22 million. During the same quarter in the prior year, the business posted $0.38 EPS. The business’s revenue was down 98.9% compared to the same quarter last year. On average, research analysts expect that Prothena will post -2.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRTA. Signaturefd LLC lifted its position in Prothena by 182.1% during the second quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 863 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Prothena by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock worth $173,000 after acquiring an additional 4,026 shares during the period. Intech Investment Management LLC bought a new stake in Prothena during the third quarter worth $210,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Prothena by 13.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 1,186 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Prothena in the 3rd quarter valued at $260,000. Institutional investors and hedge funds 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.