Prothena (PRTA) Stock Rating Upgraded by Zacks Investment Research

Prothena (NASDAQ:PRTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $43.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.72% from the stock’s previous close.

According to Zacks, “Prothena’s efforts to develop its pipeline are encouraging as late stage candidate, NEOD001 looks promising and a potential approval will boost prospects. Moreover, Prothena's license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive as it not only boosts pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. The company recently entered into an agreement with Celgene as well.  However, Prothena is highly dependent on its collaboration partners for the development of its candidates. The company itself does not have enough resources to independently conduct studies on its candidates. Due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Shares have performed better than the industry in the last three months.”

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Several other analysts also recently weighed in on the stock. ValuEngine downgraded shares of Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, April 10th. Barclays dropped their target price on shares of Prothena from $70.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 5th. BidaskClub upgraded shares of Prothena from a “sell” rating to a “hold” rating in a report on Friday, March 23rd. Deutsche Bank reiterated a “buy” rating on shares of Prothena in a report on Wednesday, March 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $69.00 target price on shares of Prothena in a report on Wednesday, March 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $71.09.

Shares of NASDAQ PRTA traded up $0.41 during midday trading on Tuesday, reaching $38.49. 188,312 shares of the stock were exchanged, compared to its average volume of 538,973. The company has a market capitalization of $1,464.29, a P/E ratio of -9.45 and a beta of 2.70. Prothena has a twelve month low of $27.19 and a twelve month high of $70.00.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Wednesday, February 14th. The biotechnology company reported ($1.24) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.48) by $0.24. Prothena had a negative net margin of 556.84% and a negative return on equity of 33.37%. The business had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.27 million. During the same quarter last year, the firm earned ($1.41) EPS. The business’s revenue was up 33.9% compared to the same quarter last year. equities research analysts forecast that Prothena will post -5.34 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the business. Woodford Investment Management Ltd grew its stake in shares of Prothena by 1.6% in the fourth quarter. Woodford Investment Management Ltd now owns 11,528,614 shares of the biotechnology company’s stock worth $325,223,000 after acquiring an additional 179,000 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Prothena by 11.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,005,998 shares of the biotechnology company’s stock worth $37,715,000 after acquiring an additional 101,273 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Prothena by 1.3% in the fourth quarter. Jennison Associates LLC now owns 416,031 shares of the biotechnology company’s stock worth $15,597,000 after acquiring an additional 5,313 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Prothena by 37.8% in the fourth quarter. Deutsche Bank AG now owns 231,468 shares of the biotechnology company’s stock worth $8,674,000 after acquiring an additional 63,537 shares in the last quarter. Finally, Hood River Capital Management LLC grew its stake in shares of Prothena by 7.5% in the fourth quarter. Hood River Capital Management LLC now owns 213,119 shares of the biotechnology company’s stock worth $7,990,000 after acquiring an additional 14,843 shares in the last quarter.

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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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