Cantor Fitzgerald Reiterates “Overweight” Rating for Prothena (NASDAQ:PRTA)

Prothena (NASDAQ:PRTA)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports.

Several other analysts have also issued reports on PRTA. StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a report on Monday, August 12th. Oppenheimer reduced their price target on shares of Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada lowered their price objective on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.86.

Prothena Price Performance

Prothena stock opened at $20.05 on Monday. The firm has a 50 day simple moving average of $21.52 and a 200-day simple moving average of $21.89. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -6.17 and a beta of 0.18. Prothena has a 1-year low of $18.69 and a 1-year high of $55.89.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings data on Thursday, August 8th. The biotechnology company reported $1.22 earnings per share for the quarter, topping the consensus estimate of ($1.01) by $2.23. Prothena had a negative return on equity of 9.00% and a negative net margin of 23.44%. The company had revenue of $132.01 million during the quarter, compared to analyst estimates of $10.73 million. During the same period in the prior year, the business posted ($1.03) earnings per share. The firm’s revenue for the quarter was up 3184.7% compared to the same quarter last year. Equities analysts expect that Prothena will post -2.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Signaturefd LLC increased its stake in Prothena by 182.1% during the 2nd quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock worth $28,000 after buying an additional 863 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Prothena by 265.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,544 shares of the biotechnology company’s stock worth $56,000 after acquiring an additional 1,122 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Prothena in the first quarter valued at $96,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Prothena by 13.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 1,186 shares during the period. Finally, ADAR1 Capital Management LLC acquired a new position in Prothena during the 4th quarter worth $222,000. Hedge funds and other institutional investors own 97.08% of the company’s stock.

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.