Prothena Corporation PLC (NASDAQ:PRTA) Lifted to “Buy” at Zacks Investment Research
Prothena Corporation PLC (NASDAQ:PRTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $66.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 18.62% from the company’s current price.
According to Zacks, “The narrower-than-expected loss in the second quarter was encouraging. Prothena’s efforts on developing its pipeline are encouraging. The company's license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. Prothena recently earned a $30 million of milestone payment from Roche. The company’s shares have outperformed the industry in the past one year. We expect investor focus to remain on further updates from its late-stage candidate, NEOD001. 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.”
Several other research firms also recently commented on PRTA. BidaskClub raised shares of Prothena Corporation PLC from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Jefferies Group LLC assumed coverage on shares of Prothena Corporation PLC in a research note on Monday, July 10th. They set a “buy” rating and a $100.00 price target on the stock. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $70.00 price target on shares of Prothena Corporation PLC in a research note on Thursday, July 6th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Prothena Corporation PLC in a research note on Tuesday, May 16th. Finally, BTIG Research assumed coverage on shares of Prothena Corporation PLC in a research note on Friday, May 19th. They issued a “buy” rating and a $80.00 target price on the stock. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $77.09.
Prothena Corporation PLC (PRTA) traded up 1.285% during trading on Friday, reaching $56.355. 25,650 shares of the company were exchanged. Prothena Corporation PLC has a one year low of $40.58 and a one year high of $69.53. The company’s market capitalization is $2.16 billion. The firm’s 50-day moving average is $60.52 and its 200 day moving average is $54.85.
Prothena Corporation PLC (NASDAQ:PRTA) last posted its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.43. The firm had revenue of $26.81 million for the quarter, compared to the consensus estimate of $16.08 million. Prothena Corporation PLC had a negative net margin of 527.56% and a negative return on equity of 34.50%. The business’s revenue was up 7951.1% compared to the same quarter last year. During the same period last year, the firm posted ($1.18) earnings per share. On average, analysts anticipate that Prothena Corporation PLC will post ($4.54) EPS for the current fiscal year.
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In other news, insider Karin L. Walker sold 5,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $64.89, for a total transaction of $324,450.00. Following the sale, the insider now owns 5,000 shares in the company, valued at approximately $324,450. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dennis J. Selkoe sold 3,500 shares of the business’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $58.11, for a total transaction of $203,385.00. Following the sale, the director now owns 6,345 shares in the company, valued at approximately $368,707.95. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can boosted its stake in shares of Prothena Corporation PLC by 6.7% in the second quarter. Bank of Montreal Can now owns 1,858 shares of the biotechnology company’s stock worth $100,000 after buying an additional 117 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Prothena Corporation PLC by 187.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,375 shares of the biotechnology company’s stock worth $129,000 after buying an additional 1,549 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Prothena Corporation PLC during the first quarter worth approximately $167,000. Sei Investments Co. acquired a new stake in shares of Prothena Corporation PLC during the second quarter worth approximately $176,000. Finally, Stifel Financial Corp acquired a new stake in shares of Prothena Corporation PLC during the first quarter worth approximately $224,000.
Prothena Corporation PLC Company Profile
Prothena Corporation Public Limited Company is a global biotechnology company. The Company is focused on the discovery, development and commercialization of immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The Company’s clinical pipeline of antibody-based product candidates targets a range of indications, including Amyloid Light-chain (AL) amyloidosis (NEOD001), Parkinson’s disease and other related synucleinopathies (PRX002), and inflammatory diseases, including psoriasis and psoriatic arthritis (PRX003) and ATTR amyloidosis (PRX004).
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