Prothena (NASDAQ:PRTA) Price Target Raised to $19.00 at Citizens Jmp

Prothena (NASDAQ:PRTA) had its price objective boosted by investment analysts at Citizens Jmp from $11.00 to $19.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the biotechnology company’s stock. Citizens Jmp’s target price would indicate a potential upside of 76.83% from the company’s previous close.

Several other brokerages have also issued reports on PRTA. HC Wainwright upped their target price on Prothena from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Royal Bank Of Canada upped their price objective on shares of Prothena from $10.00 to $11.00 and gave the company a “sector perform” rating in a research note on Friday, November 7th. Deutsche Bank Aktiengesellschaft set a $19.00 target price on shares of Prothena in a report on Monday. Wall Street Zen raised shares of Prothena from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, JMP Securities set a $19.00 price objective on Prothena in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.27.

Prothena Trading Up 3.0%

Prothena stock opened at $10.75 on Monday. Prothena has a 1-year low of $4.32 and a 1-year high of $17.66. The firm has a market capitalization of $578.40 million, a PE ratio of -1.91 and a beta of -0.09. The firm’s 50 day simple moving average is $10.12 and its 200 day simple moving average is $8.01.

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 the consensus estimate of ($0.60) by ($0.07). The business had revenue of $2.42 million during the quarter, compared to analysts’ expectations of $6.64 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%. Research analysts forecast that Prothena will post -4.04 earnings per share for the current year.

Institutional Investors Weigh In On Prothena

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. boosted its stake in Prothena by 26.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 876,528 shares of the biotechnology company’s stock worth $8,555,000 after acquiring an additional 183,374 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Prothena during the third quarter valued at approximately $294,000. Palo Alto Investors LP lifted its holdings in shares of Prothena by 3.9% during the third quarter. Palo Alto Investors LP now owns 1,324,028 shares of the biotechnology company’s stock valued at $12,923,000 after purchasing an additional 49,275 shares during the last quarter. Mariner LLC boosted its position in shares of Prothena by 52.8% in the 3rd quarter. Mariner LLC now owns 590,897 shares of the biotechnology company’s stock worth $5,767,000 after purchasing an additional 204,189 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Prothena by 264.1% in the 3rd quarter. Millennium Management LLC now owns 621,099 shares of the biotechnology company’s stock worth $6,062,000 after purchasing an additional 450,520 shares in the last quarter. 97.08% of the stock is owned by hedge funds and other institutional investors.

About Prothena

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.