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

Prothena (NASDAQ:PRTA) had its price target reduced by Bank of America from $33.00 to $31.00 in a research report report published on Tuesday morning, Benzinga reports. Bank of America currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts have also recently weighed in on the company. Royal Bank of Canada cut their target price on Prothena from $28.00 to $24.00 and set a sector perform rating for the company in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an overweight rating on shares of Prothena in a research report on Monday, September 30th. StockNews.com raised shares of Prothena from a sell rating to a hold rating in a report on Monday, August 12th. Finally, Oppenheimer decreased their price target on shares of Prothena from $66.00 to $62.00 and set an outperform rating on the stock in a report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Prothena presently has an average rating of Moderate Buy and a consensus price target of $61.86.

Prothena Stock Performance

NASDAQ:PRTA opened at $16.86 on Tuesday. The firm has a market cap of $906.60 million, a price-to-earnings ratio of -5.19 and a beta of 0.17. Prothena has a 52 week low of $15.52 and a 52 week high of $55.89. The firm’s 50-day simple moving average is $20.91 and its 200 day simple moving average is $21.69.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position in shares of Prothena by 10.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,237,351 shares of the biotechnology company’s stock worth $153,986,000 after acquiring an additional 417,338 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Prothena by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 2,594,102 shares of the biotechnology company’s stock valued at $94,270,000 after purchasing an additional 452,455 shares during the last quarter. Armistice Capital LLC increased its position in shares of Prothena by 42.3% during the second quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock worth $32,198,000 after buying an additional 464,000 shares during the period. Vanguard Group Inc. raised its stake in Prothena by 5.1% during the first quarter. Vanguard Group Inc. now owns 1,125,283 shares of the biotechnology company’s stock worth $27,873,000 after buying an additional 54,728 shares during the last quarter. Finally, Artal Group S.A. lifted its holdings in Prothena by 99.7% in the first quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock valued at $24,804,000 after buying an additional 500,000 shares during the period. 97.08% of the stock is owned by institutional investors and hedge funds.

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.