Prothena Corporation plc $PRTA Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its stake in Prothena Corporation plc (NASDAQ:PRTA) by 41.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 692,818 shares of the biotechnology company’s stock after selling 488,269 shares during the period. Federated Hermes Inc.’s holdings in Prothena were worth $6,762,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRTA. Armistice Capital LLC boosted its stake in Prothena by 1.8% during the 2nd quarter. Armistice Capital LLC now owns 2,236,000 shares of the biotechnology company’s stock valued at $13,573,000 after purchasing an additional 40,000 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Prothena in the second quarter worth about $6,176,000. Rangeley Capital LLC bought a new position in shares of Prothena during the 2nd quarter valued at about $4,342,000. Balyasny Asset Management L.P. acquired a new position in shares of Prothena in the 2nd quarter worth approximately $3,495,000. Finally, Birchview Capital LP raised its holdings in shares of Prothena by 35.5% in the 2nd quarter. Birchview Capital LP now owns 451,019 shares of the biotechnology company’s stock worth $2,738,000 after purchasing an additional 118,045 shares in the last quarter. Institutional investors own 97.08% of the company’s stock.

Prothena Stock Performance

NASDAQ:PRTA opened at $8.91 on Tuesday. The company has a market capitalization of $479.63 million, a P/E ratio of -1.71, a P/E/G ratio of 1.86 and a beta of -0.11. The stock’s 50 day moving average price is $9.72 and its 200 day moving average price is $9.22. Prothena Corporation plc has a 52 week low of $4.32 and a 52 week high of $16.67.

Prothena (NASDAQ:PRTA) last released its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07). Prothena had a negative net margin of 2,379.59% and a negative return on equity of 65.89%. The business had revenue of $2.42 million for the quarter, compared to the consensus estimate of $6.64 million. As a group, sell-side analysts forecast that Prothena Corporation plc will post -4.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRTA. Citizens Jmp raised their target price on shares of Prothena from $11.00 to $19.00 and gave the stock a “market outperform” rating in a report on Monday, December 1st. UBS Group set a $36.00 price objective on Prothena in a report on Tuesday, October 28th. Royal Bank Of Canada raised their target price on shares of Prothena from $10.00 to $11.00 and gave the stock a “sector perform” rating in a report on Friday, November 7th. Wall Street Zen upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Piper Sandler lifted their price target on Prothena from $15.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $25.60.

About Prothena

Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.

The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.