Pinnacle Associates Ltd. Sells 2,364 Shares of Prothena Co. plc (NASDAQ:PRTA)

Pinnacle Associates Ltd. decreased its position in Prothena Co. plc (NASDAQ:PRTA) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,900 shares of the biotechnology company’s stock after selling 2,364 shares during the quarter. Pinnacle Associates Ltd. owned about 0.23% of Prothena worth $2,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC grew its position in 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 in the last quarter. PNC Financial Services Group Inc. grew its position in Prothena by 265.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,544 shares of the biotechnology company’s stock worth $56,000 after buying an additional 1,122 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Prothena during the first quarter worth approximately $96,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in 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 in the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in Prothena during the fourth quarter worth approximately $222,000. Institutional investors and hedge funds own 97.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PRTA shares. StockNews.com raised Prothena from a “sell” rating to a “hold” rating in a report on Monday, August 12th. Royal Bank of Canada dropped their price target on Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Monday, August 12th. Oppenheimer lowered their target price on Prothena from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. Finally, HC Wainwright lowered their target price on Prothena from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Prothena currently has an average rating of “Moderate Buy” and an average price target of $62.86.

Prothena Stock Performance

Shares of PRTA stock traded up $0.71 during mid-day trading on Friday, hitting $22.27. The company’s stock had a trading volume of 300,305 shares, compared to its average volume of 605,263. The company’s fifty day simple moving average is $21.63 and its 200-day simple moving average is $22.96. Prothena Co. plc has a 52 week low of $18.69 and a 52 week high of $56.27. The company has a market cap of $1.20 billion, a PE ratio of -6.85 and a beta of 0.21.

Prothena (NASDAQ:PRTA) last issued its earnings results on Thursday, August 8th. The biotechnology company reported $1.22 EPS for the quarter, beating the consensus estimate of ($1.01) by $2.23. The company had revenue of $132.01 million during the quarter, compared to the consensus estimate of $10.73 million. Prothena had a negative return on equity of 9.00% and a negative net margin of 23.44%. The firm’s revenue for the quarter was up 3184.7% compared to the same quarter last year. During the same period last year, the business posted ($1.03) EPS. On average, equities analysts anticipate that Prothena Co. plc will post -2.58 earnings per share 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.