Prothena’s (PRTA) Buy Rating Reiterated at HC Wainwright

Prothena (NASDAQ:PRTA)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $84.00 price target on the biotechnology company’s stock. HC Wainwright’s target price suggests a potential upside of 402.09% from the stock’s previous close.

A number of other analysts have also recently weighed in on PRTA. Oppenheimer dropped 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. Royal Bank of Canada dropped their target price on 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 reissued an “overweight” rating on shares of Prothena in a report on Monday. Bank of America dropped their price objective on shares of Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, StockNews.com raised shares of Prothena from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Prothena Trading Down 16.6 %

Shares of NASDAQ PRTA opened at $16.73 on Tuesday. 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 has a twelve month low of $15.52 and a twelve month high of $55.89. The business has a 50 day simple moving average of $21.37 and a 200-day simple moving average of $21.83.

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

Hedge Funds Weigh In On Prothena

Hedge funds have recently made changes to their positions in the business. Rafferty Asset Management LLC increased its holdings in shares of Prothena by 32.2% in the fourth quarter. Rafferty Asset Management LLC now owns 207,419 shares of the biotechnology company’s stock valued at $7,538,000 after buying an additional 50,579 shares in the last quarter. Armistice Capital LLC purchased a new position in Prothena in the 4th quarter worth about $10,103,000. Seven Eight Capital LP acquired a new stake in Prothena during the 4th quarter worth about $2,069,000. ADAR1 Capital Management LLC purchased a new stake in Prothena during the fourth quarter valued at about $222,000. Finally, Boxer Capital LLC boosted its holdings in shares of Prothena by 6.4% in the fourth quarter. Boxer Capital LLC now owns 665,000 shares of the biotechnology company’s stock worth $24,166,000 after buying an additional 40,000 shares during the period. Institutional investors and hedge funds own 97.08% of the company’s stock.

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.