Connor Clark & Lunn Investment Management Ltd. Reduces Position in Prothena Co. plc (NASDAQ:PRTA)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Prothena Co. plc (NASDAQ:PRTA) by 25.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 91,840 shares of the biotechnology company’s stock after selling 30,652 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Prothena were worth $1,272,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Foundation Wealth Management LLC bought a new position in Prothena during the 4th quarter valued at $270,000. Raymond James Financial Inc. acquired a new stake in shares of Prothena in the 4th quarter valued at about $182,000. Charles Schwab Investment Management Inc. lifted its position in shares of Prothena by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 327,151 shares of the biotechnology company’s stock worth $4,531,000 after purchasing an additional 2,189 shares during the last quarter. Purkiss Capital Advisors LLC acquired a new position in Prothena in the fourth quarter worth about $149,000. Finally, Bank of New York Mellon Corp increased its holdings in Prothena by 14.9% in the fourth quarter. Bank of New York Mellon Corp now owns 150,238 shares of the biotechnology company’s stock valued at $2,081,000 after buying an additional 19,452 shares during the last quarter. 97.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Prothena in a report on Friday, February 21st. Oppenheimer lifted their price objective on shares of Prothena from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Royal Bank of Canada dropped their target price on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating on the stock in a report on Friday, February 21st. Piper Sandler lifted their price target on shares of Prothena from $94.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Bank of America dropped their price objective on shares of Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Prothena Trading Up 0.4 %

Shares of NASDAQ:PRTA opened at $12.88 on Thursday. The firm’s 50 day moving average is $14.35 and its two-hundred day moving average is $15.96. The firm has a market capitalization of $693.29 million, a P/E ratio of -5.60 and a beta of -0.02. Prothena Co. plc has a 52 week low of $11.70 and a 52 week high of $26.45.

Prothena (NASDAQ:PRTA) last posted its earnings results on Thursday, February 20th. The biotechnology company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.06). Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. The business had revenue of $2.12 million during the quarter, compared to analyst estimates of $7.53 million. Analysts predict that Prothena Co. plc will post -4.04 EPS for the current year.

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.