Prothena (NASDAQ:PRTA) Stock Price Up 7.4% – Here’s Why

Prothena Corporation plc (NASDAQ:PRTA)’s share price shot up 7.4% on Wednesday . The stock traded as high as $11.14 and last traded at $11.12. 133,142 shares traded hands during trading, a decline of 86% from the average session volume of 949,166 shares. The stock had previously closed at $10.35.

Analyst Ratings Changes

A number of brokerages have recently commented on PRTA. JMP Securities set a $19.00 target price on shares of Prothena in a report on Monday. Citizens Jmp boosted their target price on shares of Prothena from $11.00 to $19.00 and gave the company a “market outperform” rating in a research note on Monday. HC Wainwright boosted their target price on shares of Prothena from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Piper Sandler lifted their price objective on Prothena from $15.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, Wall Street Zen raised shares of Prothena from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.27.

Prothena Stock Performance

The stock’s 50 day simple moving average is $10.20 and its 200 day simple moving average is $8.06. The firm has a market capitalization of $608.82 million, a P/E ratio of -2.17 and a beta of -0.10.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07). Prothena had a negative return on equity of 65.89% and a negative net margin of 2,379.59%.The firm had revenue of $2.42 million for the quarter, compared to the consensus estimate of $6.64 million. On average, analysts anticipate that Prothena Corporation plc will post -4.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. grew its holdings in Prothena by 26.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 876,528 shares of the biotechnology company’s stock valued at $8,555,000 after purchasing an additional 183,374 shares during the period. Proficio Capital Partners LLC acquired a new stake in Prothena in the 3rd quarter valued at $294,000. Palo Alto Investors LP increased its holdings in Prothena by 3.9% in the 3rd quarter. Palo Alto Investors LP now owns 1,324,028 shares of the biotechnology company’s stock worth $12,923,000 after acquiring an additional 49,275 shares in the last quarter. Mariner LLC raised its position in Prothena by 52.8% during the third quarter. Mariner LLC now owns 590,897 shares of the biotechnology company’s stock worth $5,767,000 after acquiring an additional 204,189 shares during the period. Finally, Millennium Management LLC lifted its holdings in Prothena by 264.1% during the third quarter. Millennium Management LLC now owns 621,099 shares of the biotechnology company’s stock valued at $6,062,000 after purchasing an additional 450,520 shares in the last quarter. 97.08% of the stock is currently owned by hedge funds and other institutional investors.

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.