Prothena (NASDAQ:PRTA) Rating Lowered to Sell at Zacks Investment Research

Prothena (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, January 9th.

According to Zacks, “Prothena is highly dependent on its collaboration partners for the development of its candidates. The company itself does not have enough resources to independently conduct studies on its candidates. Due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Hence, the company is heavily dependent on the success of its two candidates. Prothena currently has only one late-stage candidate, NEOD001. Apart from NEOD001, all candidates in its pipeline are in the early stages of development. Nevertheless, Prothena's license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. Shares have underpperformed the industry in the last six months.”

Other equities research analysts have also issued reports about the company. Royal Bank of Canada began coverage on Prothena in a research note on Thursday, September 14th. They set an “outperform” rating and a $87.00 price target for the company. Cantor Fitzgerald restated a “buy” rating and set a $79.00 price target on shares of Prothena in a research note on Thursday, September 28th. BTIG Research decreased their target price on Prothena from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Friday, September 29th. SunTrust Banks reissued a “buy” rating and issued a $75.00 price target on shares of Prothena in a report on Monday, October 2nd. Finally, Jefferies Group reissued a “buy” rating and issued a $100.00 price target on shares of Prothena in a report on Monday, October 2nd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company’s stock. Prothena currently has a consensus rating of “Buy” and an average target price of $75.58.

Shares of Prothena (NASDAQ PRTA) traded up $1.71 during midday trading on Tuesday, hitting $41.33. The stock had a trading volume of 484,100 shares, compared to its average volume of 331,611. Prothena has a 1-year low of $34.85 and a 1-year high of $70.00. The firm has a market cap of $1,589.01, a price-to-earnings ratio of -9.77 and a beta of 2.43.

Prothena (NASDAQ:PRTA) last released its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($1.37) EPS for the quarter, topping the consensus estimate of ($1.41) by $0.04. The company had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.28 million. Prothena had a negative return on equity of 34.40% and a negative net margin of 562.19%. The firm’s revenue was down 33.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.26) earnings per share. research analysts anticipate that Prothena will post -4.27 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in shares of Prothena by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 185,462 shares of the biotechnology company’s stock worth $10,037,000 after buying an additional 13,492 shares during the period. BlackRock Inc. raised its holdings in shares of Prothena by 7.8% during the second quarter. BlackRock Inc. now owns 2,947,512 shares of the biotechnology company’s stock worth $159,519,000 after acquiring an additional 213,578 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Prothena by 6.8% during the second quarter. Alliancebernstein L.P. now owns 895,759 shares of the biotechnology company’s stock worth $48,478,000 after acquiring an additional 57,002 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Prothena by 10.3% during the second quarter. The Manufacturers Life Insurance Company now owns 28,559 shares of the biotechnology company’s stock worth $1,545,000 after acquiring an additional 2,664 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in shares of Prothena during the third quarter worth $307,000.

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About Prothena

Prothena Corporation Public Limited Company is a global biotechnology company. The Company is focused on the discovery, development and commercialization of immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The Company’s clinical pipeline of antibody-based product candidates targets a range of indications, including Amyloid Light-chain (AL) amyloidosis (NEOD001), Parkinson’s disease and other related synucleinopathies (PRX002), and inflammatory diseases, including psoriasis and psoriatic arthritis (PRX003) and ATTR amyloidosis (PRX004).

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