Prothena (NASDAQ:PRTA) Announces Earnings Results

Prothena (NASDAQ:PRTA) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.05, FiscalAI reports. Prothena had a negative return on equity of 65.89% and a negative net margin of 2,379.59%.The business had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.67 million.

Prothena Stock Performance

Prothena stock traded down $0.06 during midday trading on Thursday, reaching $9.03. The stock had a trading volume of 332,866 shares, compared to its average volume of 457,642. The stock’s 50-day simple moving average is $9.31 and its 200 day simple moving average is $9.39. Prothena has a twelve month low of $4.32 and a twelve month high of $16.67. The stock has a market capitalization of $486.08 million, a PE ratio of -1.73, a price-to-earnings-growth ratio of 1.89 and a beta of -0.11.

Wall Street Analysts Forecast Growth

PRTA has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of Prothena from $10.00 to $11.00 and gave the stock a “sector perform” rating in a research report on Friday, November 7th. Chardan Capital raised shares of Prothena to a “strong-buy” rating in a report on Wednesday, November 19th. UBS Group set a $36.00 price objective on shares of Prothena in a research report on Tuesday, October 28th. Citigroup reaffirmed a “market outperform” rating on shares of Prothena in a report on Monday, December 1st. Finally, Piper Sandler lifted their target price on Prothena from $15.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRTA. Rubric Capital Management LP grew its stake in shares of Prothena by 138.7% during the fourth quarter. Rubric Capital Management LP now owns 3,677,331 shares of the biotechnology company’s stock valued at $35,119,000 after acquiring an additional 2,136,958 shares in the last quarter. State Street Corp boosted its holdings in Prothena by 151.7% in the fourth quarter. State Street Corp now owns 2,267,802 shares of the biotechnology company’s stock valued at $21,658,000 after purchasing an additional 1,366,764 shares during the last quarter. Rangeley Capital LLC purchased a new position in Prothena in the second quarter valued at about $4,342,000. Arrowstreet Capital Limited Partnership purchased a new stake in Prothena during the 3rd quarter worth approximately $6,386,000. Finally, JPMorgan Chase & Co. raised its position in shares of Prothena by 479.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 735,765 shares of the biotechnology company’s stock valued at $7,181,000 after purchasing an additional 608,814 shares in the last quarter. Institutional investors and hedge funds own 97.08% of the company’s stock.

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.