Bank of America Lowers Prothena (NASDAQ:PRTA) Price Target to $31.00

Prothena (NASDAQ:PRTA) had its price objective lowered by equities researchers at Bank of America from $33.00 to $31.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price target would indicate a potential upside of 85.30% from the company’s previous close.

A number of other equities analysts have also recently commented on PRTA. Royal Bank of Canada decreased their target price on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a report on Monday. Oppenheimer reduced their price target on Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Finally, StockNews.com upgraded Prothena from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Prothena Stock Down 16.6 %

NASDAQ PRTA opened at $16.73 on Tuesday. The stock’s 50-day simple moving average is $21.37 and its two-hundred day simple moving average is $21.83. Prothena has a twelve month low of $15.52 and a twelve month high of $55.89. The company has a market capitalization of $899.61 million, a price-to-earnings ratio of -5.15 and a beta of 0.18.

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

Institutional Trading of Prothena

Several large investors have recently bought and sold shares of PRTA. Signaturefd LLC lifted its stake in shares of Prothena by 182.1% in the 2nd quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 863 shares during the period. PNC Financial Services Group Inc. raised its holdings in Prothena by 265.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,544 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 1,122 shares in the last quarter. Headlands Technologies LLC purchased a new position in Prothena during the first quarter valued at $96,000. ADAR1 Capital Management LLC purchased a new stake in shares of Prothena in the 4th quarter worth about $222,000. Finally, Focused Wealth Management Inc increased its stake in shares of Prothena by 7,751.9% in the 1st quarter. Focused Wealth Management Inc now owns 10,129 shares of the biotechnology company’s stock worth $251,000 after acquiring an additional 10,000 shares in the last quarter. 97.08% of the stock is owned by institutional investors.

Prothena Company Profile

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.