Zacks Investment Research downgraded shares of Prothena (NASDAQ:PRTA) from a hold rating to a sell rating in a research report released on Tuesday morning.

According to Zacks, “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. Hence, the company is heavily dependent on the success of its two candidates. Prothena currently has only one late-stage candidate, NEOD001. Apart from NEOD001, all candidates in its pipeline are in the early stages of development. Nevertheless, Prothena'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. Shares have underpperformed the industry in the last six months.”

PRTA has been the topic of a number of other reports. Oppenheimer set a $70.00 price target on Prothena and gave the stock a buy rating in a research report on Monday, December 4th. Deutsche Bank set a $73.00 price target on Prothena and gave the stock a buy rating in a research report on Monday, October 23rd. Cantor Fitzgerald reissued a buy rating and issued a $65.00 price target on shares of Prothena in a research report on Wednesday, December 20th. ValuEngine cut Prothena from a hold rating to a sell rating in a research report on Friday, October 6th. Finally, Wedbush cut Prothena from an outperform rating to a neutral rating and dropped their price target for the stock from $75.00 to $55.00 in a research report on Monday, November 20th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company’s stock. Prothena has a consensus rating of Buy and a consensus target price of $75.58.

Prothena (NASDAQ PRTA) traded up $1.71 during trading on Tuesday, reaching $41.33. The company’s stock had a trading volume of 484,159 shares, compared to its average volume of 331,618. The company has a market cap of $1,550.00, a PE ratio of -9.75 and a beta of 2.43. Prothena has a fifty-two week low of $34.85 and a fifty-two week high of $70.00.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($1.37) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.41) by $0.04. The business had revenue of $0.19 million for the quarter, compared to analysts’ expectations of $0.28 million. Prothena had a negative return on equity of 34.40% and a negative net margin of 562.19%. The business’s revenue was down 33.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.26) EPS. research analysts forecast that Prothena will post -4.27 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Fieldpoint Private Securities LLC bought a new position in Prothena in the 3rd quarter valued at approximately $162,000. California Public Employees Retirement System lifted its position in Prothena by 1.8% in the 3rd quarter. California Public Employees Retirement System now owns 60,700 shares of the biotechnology company’s stock valued at $3,932,000 after acquiring an additional 1,100 shares in the last quarter. Sectoral Asset Management Inc lifted its position in Prothena by 29.7% in the 3rd quarter. Sectoral Asset Management Inc now owns 195,909 shares of the biotechnology company’s stock valued at $12,689,000 after acquiring an additional 44,863 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Prothena by 5.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 172,578 shares of the biotechnology company’s stock valued at $11,178,000 after acquiring an additional 8,897 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Prothena by 15.0% in the 3rd quarter. Legal & General Group Plc now owns 15,761 shares of the biotechnology company’s stock valued at $1,020,000 after acquiring an additional 2,053 shares in the last quarter.

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About Prothena

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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