Zacks Investment Research Upgrades Prothena (PRTA) to Hold
Prothena (NASDAQ:PRTA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Prothena’s wider-than-expected loss in the second quarter was disappointing. We expect investors’ focus to remain on pipeline updates as the company has no approved product in its portfolio yet. The license agreement with Roche for prasinezumab is big positive as it not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. The company also entered into an agreement with Celgene to develop its pipeline which should boost investor sentiment given the latter’s expertise. However, Prothena suffered a major setback with the discontinuation of development of lead candidate NEOD001. Moreover, due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Consequently, the company has decided to reduce its workforce by 57%. Shares have performed worse than the industry in the year so far.”
Other analysts also recently issued research reports about the stock. Nomura cut their price objective on shares of Prothena from $87.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, April 24th. Deutsche Bank reissued a “buy” rating and issued a $16.00 price objective (down previously from $78.00) on shares of Prothena in a report on Tuesday, April 24th. Cantor Fitzgerald reissued a “buy” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Prothena in a report on Friday, June 15th. Barclays downgraded shares of Prothena from an “overweight” rating to an “equal weight” rating in a report on Monday, April 23rd. Finally, Oppenheimer reissued a “hold” rating on shares of Prothena in a report on Friday, May 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $49.00.
Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported ($0.98) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.13) by $0.15. Prothena had a negative net margin of 21,884.38% and a negative return on equity of 46.42%. The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.22 million. equities analysts expect that Prothena will post -4.16 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. lifted its holdings in shares of Prothena by 47.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 11,455 shares of the biotechnology company’s stock worth $166,000 after acquiring an additional 3,700 shares during the period. LPL Financial LLC bought a new stake in shares of Prothena during the 1st quarter worth approximately $210,000. Xact Kapitalforvaltning AB bought a new stake in shares of Prothena during the 1st quarter worth approximately $210,000. Aperio Group LLC bought a new stake in shares of Prothena during the 1st quarter worth approximately $222,000. Finally, Bank of Montreal Can lifted its holdings in shares of Prothena by 8,992.5% during the 2nd quarter. Bank of Montreal Can now owns 20,549 shares of the biotechnology company’s stock worth $300,000 after acquiring an additional 20,323 shares during the period.
Prothena Corporation plc, a late-stage clinical biotechnology company, focuses on the discovery, development, and commercialization of novel immunotherapies for the treatment of diseases in the neuroscience and orphan categories. The company is developing antibody-based product candidates that include NEOD001, a monoclonal antibody that is in Phase III and Phase IIb clinical trials for the treatment of AL amyloidosis; PRX002/RG7935 that is in Phase II clinical trial for treating Parkinson's disease and other related synucleinopathies; and PRX004, a monoclonal antibody that is under preclinical development for the treatment of ATTR Amyloidosis.
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