Prothena (NASDAQ:PRTA) Price Target Raised to $19.00

Prothena (NASDAQ:PRTA) had its target price increased by Citizens Jmp from $11.00 to $19.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a market outperform rating on the biotechnology company’s stock.

Several other brokerages also recently issued reports on PRTA. Chardan Capital upgraded shares of Prothena to a “strong-buy” rating in a research report on Wednesday, November 19th. JMP Securities set a $19.00 target price on shares of Prothena in a research note on Monday. Deutsche Bank Aktiengesellschaft set a $19.00 price target on shares of Prothena in a research note on Monday. HC Wainwright boosted their price objective on shares of Prothena from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prothena in a report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.27.

Prothena Trading Up 7.9%

NASDAQ:PRTA opened at $11.17 on Monday. The stock has a market capitalization of $601.28 million, a P/E ratio of -2.14 and a beta of -0.10. Prothena has a 1 year low of $4.32 and a 1 year high of $17.66. The firm has a 50 day moving average of $10.24 and a 200-day moving average of $8.08.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.07). The business had revenue of $2.42 million during the quarter, compared to the consensus estimate of $6.64 million. Prothena had a negative net margin of 2,379.59% and a negative return on equity of 65.89%. As a group, analysts forecast that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Prothena

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rubric Capital Management LP bought a new position in Prothena during the third quarter worth about $15,034,000. Acadian Asset Management LLC acquired a new position in Prothena during the second quarter valued at approximately $6,176,000. Rangeley Capital LLC bought a new stake in Prothena in the second quarter valued at approximately $4,342,000. Arrowstreet Capital Limited Partnership bought a new stake in Prothena in the third quarter valued at approximately $6,386,000. Finally, Federated Hermes Inc. raised its holdings in Prothena by 116.2% in the second quarter. Federated Hermes Inc. now owns 1,181,087 shares of the biotechnology company’s stock worth $7,169,000 after purchasing an additional 634,832 shares during the period. Institutional investors own 97.08% of the company’s stock.

About Prothena

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.