Prothena (NASDAQ:PRTA) Shares Down 5.9% – Here’s What Happened

Prothena Co. plc (NASDAQ:PRTA) shares dropped 5.9% on Monday . The stock traded as low as $15.24 and last traded at $15.25. Approximately 254,864 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 576,147 shares. The stock had previously closed at $16.21.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America reduced their target price on shares of Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Monday, September 30th. Royal Bank of Canada dropped their price objective on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating on the stock in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $84.00 target price on shares of Prothena in a report on Wednesday, November 13th. Finally, Oppenheimer cut their price objective on shares of Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.86.

Prothena Trading Up 5.4 %

The company has a market cap of $781.84 million, a price-to-earnings ratio of -5.56 and a beta of 0.09. The firm has a 50-day moving average price of $16.61 and a 200 day moving average price of $19.69.

Prothena (NASDAQ:PRTA) last issued its earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.08. The firm had revenue of $0.97 million for the quarter, compared to the consensus estimate of $1.22 million. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 earnings per share. Research analysts anticipate that Prothena Co. plc will post -2.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prothena

Hedge funds have recently modified their holdings of the stock. DCF Advisers LLC raised its position in shares of Prothena by 0.5% in the second quarter. DCF Advisers LLC now owns 107,500 shares of the biotechnology company’s stock valued at $2,219,000 after buying an additional 500 shares in the last quarter. Orion Portfolio Solutions LLC raised its position in Prothena by 4.4% during the third quarter. Orion Portfolio Solutions LLC now owns 17,531 shares of the biotechnology company’s stock valued at $293,000 after purchasing an additional 739 shares in the last quarter. Signaturefd LLC grew its stake in shares of Prothena by 182.1% during the second quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock worth $28,000 after buying an additional 863 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 buying an additional 1,186 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in shares of Prothena by 2.3% during the third quarter. Pinnacle Associates Ltd. now owns 125,747 shares of the biotechnology company’s stock worth $2,104,000 after buying an additional 2,847 shares during the last quarter. Institutional investors own 97.08% of the company’s stock.

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.