Zacks Investment Research Lowers Prothena (PRTA) to Sell

Zacks Investment Research lowered shares of Prothena (NASDAQ:PRTA) from a hold rating to a sell rating in a research note released on Tuesday morning.

According to Zacks, “Prothena is highly dependent on its collaboration partners for the development of its candidates. The company itself does not have enough resources to independently conduct studies on its candidates. Due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Hence, the company is heavily dependent on the success of its two candidates. Prothena currently has only one late-stage candidate, NEOD001. Apart from NEOD001, all candidates in its pipeline are in the early stages of development. Nevertheless, Prothena's license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. Shares have underpperformed the industry in the last six months.”

Other equities research analysts have also recently issued reports about the stock. Jefferies Group reiterated a buy rating and set a $100.00 price target on shares of Prothena in a research report on Monday, October 2nd. SunTrust Banks restated a buy rating and issued a $75.00 price objective on shares of Prothena in a report on Monday, October 2nd. Deutsche Bank restated a buy rating on shares of Prothena in a report on Sunday, October 1st. Royal Bank of Canada restated a buy rating on shares of Prothena in a report on Friday, September 29th. Finally, BTIG Research dropped their price objective on shares of Prothena from $80.00 to $77.00 and set a buy rating for the company in a report on Friday, September 29th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the stock. Prothena presently has an average rating of Buy and an average price target of $75.58.

Shares of Prothena (PRTA) traded up $1.71 on Tuesday, hitting $41.33. 484,159 shares of the company’s stock were exchanged, compared to its average volume of 310,274. Prothena has a 1-year low of $34.85 and a 1-year high of $70.00. The firm has a market capitalization of $1,523.26, a PE ratio of -9.77 and a beta of 2.43.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($1.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.04. Prothena had a negative net margin of 562.19% and a negative return on equity of 34.40%. The business had revenue of $0.19 million during the quarter, compared to analysts’ expectations of $0.28 million. During the same period last year, the business earned ($1.26) earnings per share. The business’s revenue for the quarter was down 33.6% on a year-over-year basis. sell-side analysts anticipate that Prothena will post -4.27 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Westfield Capital Management Co. LP lifted its stake in Prothena by 186.0% in the second quarter. Westfield Capital Management Co. LP now owns 684,160 shares of the biotechnology company’s stock worth $37,027,000 after acquiring an additional 444,966 shares during the last quarter. Woodford Investment Management Ltd lifted its stake in Prothena by 2.6% in the second quarter. Woodford Investment Management Ltd now owns 11,400,424 shares of the biotechnology company’s stock worth $616,991,000 after acquiring an additional 294,213 shares during the last quarter. PointState Capital LP purchased a new position in Prothena in the second quarter worth approximately $14,748,000. BlackRock Inc. lifted its stake in Prothena by 7.8% in the second quarter. BlackRock Inc. now owns 2,947,512 shares of the biotechnology company’s stock worth $159,519,000 after acquiring an additional 213,578 shares during the last quarter. Finally, State Street Corp lifted its stake in Prothena by 10.6% in the second quarter. State Street Corp now owns 1,181,365 shares of the biotechnology company’s stock worth $63,932,000 after acquiring an additional 113,193 shares during the last quarter.

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Prothena Company Profile

Prothena Corporation Public Limited Company is a global biotechnology company. The Company is focused on the discovery, development and commercialization of immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The Company’s clinical pipeline of antibody-based product candidates targets a range of indications, including Amyloid Light-chain (AL) amyloidosis (NEOD001), Parkinson’s disease and other related synucleinopathies (PRX002), and inflammatory diseases, including psoriasis and psoriatic arthritis (PRX003) and ATTR amyloidosis (PRX004).

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