Bank of America Lowers Prothena (NASDAQ:PRTA) Price Target to $22.00

Prothena (NASDAQ:PRTA) had its target price dropped by equities research analysts at Bank of America from $26.00 to $22.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s target price would suggest a potential upside of 44.55% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research report on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $84.00 target price on shares of Prothena in a research note on Wednesday, November 13th. Finally, StockNews.com cut shares of Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.29.

Prothena Price Performance

NASDAQ:PRTA opened at $15.22 on Thursday. Prothena has a 12-month low of $11.70 and a 12-month high of $41.54. The business has a 50 day simple moving average of $15.73 and a 200 day simple moving average of $19.14. The firm has a market capitalization of $818.97 million, a P/E ratio of -6.14 and a beta of 0.09.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.08. The company had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.22 million. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The firm’s quarterly revenue was down 98.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. Research analysts anticipate that Prothena will post -2.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in shares of Prothena by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 165,423 shares of the biotechnology company’s stock valued at $3,414,000 after acquiring an additional 19,578 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Prothena by 13.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 1,186 shares during the period. Signaturefd LLC increased its holdings in Prothena by 182.1% in the second 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 last quarter. Focused Wealth Management Inc lifted its stake in Prothena by 98.7% in the second quarter. Focused Wealth Management Inc now owns 20,129 shares of the biotechnology company’s stock valued at $415,000 after buying an additional 10,000 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Prothena by 9.9% during the second quarter. Rhumbline Advisers now owns 69,756 shares of the biotechnology company’s stock worth $1,440,000 after buying an additional 6,256 shares during the last quarter. 97.08% of the stock is currently 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.