Prothena (NASDAQ:PRTA) Releases Earnings Results, Misses Expectations By $0.07 EPS

Prothena (NASDAQ:PRTA) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.07), Zacks reports. The business had revenue of $2.42 million during the quarter, compared to analysts’ expectations of $6.64 million. Prothena had a negative return on equity of 62.17% and a negative net margin of 2,929.30%.

Prothena Stock Up 4.8%

NASDAQ PRTA traded up $0.48 during trading on Friday, hitting $10.56. The stock had a trading volume of 928,366 shares, compared to its average volume of 981,456. The company has a market capitalization of $568.44 million, a PE ratio of -1.87 and a beta of -0.09. Prothena has a twelve month low of $4.32 and a twelve month high of $18.60. The firm has a 50 day moving average price of $9.49 and a 200 day moving average price of $7.82.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRTA shares. UBS Group set a $36.00 price target on shares of Prothena in a research report on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Prothena in a report on Wednesday. HC Wainwright increased their price objective on Prothena from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday. Piper Sandler lifted their target price on Prothena from $15.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $18.00 price target on shares of Prothena in a research note on Thursday, August 28th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.78.

Institutional Investors Weigh In On Prothena

A number of hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Prothena during the first quarter worth $230,000. Creative Planning raised its position in Prothena by 373.0% in the 2nd quarter. Creative Planning now owns 50,569 shares of the biotechnology company’s stock valued at $307,000 after purchasing an additional 39,879 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Prothena by 72.1% in the 2nd quarter. American Century Companies Inc. now owns 59,965 shares of the biotechnology company’s stock valued at $364,000 after buying an additional 25,129 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Prothena by 7,956.6% during the second quarter. Russell Investments Group Ltd. now owns 96,196 shares of the biotechnology company’s stock worth $584,000 after buying an additional 95,002 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of Prothena by 251.8% during the second quarter. Hsbc Holdings PLC now owns 46,047 shares of the biotechnology company’s stock worth $282,000 after buying an additional 32,959 shares during the period. 97.08% of the stock is currently 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.