Seven Eight Capital LP Reduces Stock Position in Prothena Co. plc (NASDAQ:PRTA)

Seven Eight Capital LP reduced its position in shares of Prothena Co. plc (NASDAQ:PRTA) by 27.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 41,120 shares of the biotechnology company’s stock after selling 15,826 shares during the quarter. Seven Eight Capital LP owned 0.08% of Prothena worth $1,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Boxer Capital LLC boosted its stake in shares of Prothena by 6.4% during the 4th quarter. Boxer Capital LLC now owns 665,000 shares of the biotechnology company’s stock worth $24,166,000 after acquiring an additional 40,000 shares during the last quarter. SG Americas Securities LLC grew its holdings in Prothena by 46.9% during the fourth quarter. SG Americas Securities LLC now owns 135,857 shares of the biotechnology company’s stock valued at $4,937,000 after purchasing an additional 43,363 shares during the period. Armistice Capital LLC bought a new position in shares of Prothena in the fourth quarter worth about $10,103,000. Price T Rowe Associates Inc. MD lifted its position in shares of Prothena by 10.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,237,351 shares of the biotechnology company’s stock valued at $153,986,000 after buying an additional 417,338 shares in the last quarter. Finally, Granahan Investment Management LLC grew its stake in shares of Prothena by 19.9% during the 4th quarter. Granahan Investment Management LLC now owns 417,157 shares of the biotechnology company’s stock valued at $15,159,000 after acquiring an additional 69,092 shares during the period. Hedge funds and other institutional investors own 97.08% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. JMP Securities decreased their target price on shares of Prothena from $85.00 to $83.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $28.00 target price on shares of Prothena in a report on Wednesday, June 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Prothena in a research report on Wednesday, April 10th. Finally, HC Wainwright decreased their target price on Prothena from $90.00 to $84.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. One equities 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, Prothena currently has a consensus rating of “Moderate Buy” and an average price target of $66.00.

Prothena Price Performance

Shares of NASDAQ PRTA traded down $0.34 during midday trading on Wednesday, reaching $23.97. 313,966 shares of the stock traded hands, compared to its average volume of 656,387. The stock has a market capitalization of $1.29 billion, a PE ratio of -7.48 and a beta of 0.21. The company’s 50 day moving average is $21.36 and its 200 day moving average is $24.80. Prothena Co. plc has a one year low of $18.69 and a one year high of $70.09.

Prothena (NASDAQ:PRTA) last posted its earnings results on Wednesday, May 8th. The biotechnology company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.21) by ($0.13). The business had revenue of $0.05 million during the quarter, compared to the consensus estimate of $3.75 million. Prothena had a negative return on equity of 30.48% and a negative net margin of 193.17%. During the same quarter last year, the firm earned ($0.89) earnings per share. As a group, equities analysts forecast that Prothena Co. plc will post -4.54 EPS for the current year.

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.