HC Wainwright Reiterates Buy Rating for Prothena (NASDAQ:PRTA)

Prothena (NASDAQ:PRTA)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $84.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target would suggest a potential upside of 438.81% from the company’s current price. HC Wainwright also issued estimates for Prothena’s FY2028 earnings at $3.34 EPS.

A number of other analysts have also commented on PRTA. StockNews.com raised Prothena from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Prothena in a research report on Monday, September 30th. Bank of America decreased their target price on Prothena from $33.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. Oppenheimer decreased their price objective on Prothena from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Finally, Royal Bank of Canada decreased their price objective on Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Prothena currently has an average rating of “Moderate Buy” and a consensus target price of $61.86.

Prothena Stock Down 3.2 %

PRTA traded down $0.51 during midday trading on Wednesday, hitting $15.59. 42,892 shares of the company were exchanged, compared to its average volume of 579,344. The firm has a market capitalization of $838.43 million, a P/E ratio of -6.49 and a beta of 0.16. Prothena has a 1-year low of $15.30 and a 1-year high of $41.54. The firm’s 50 day moving average price is $18.32 and its 200-day moving average price is $20.38.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.08. The company had revenue of $0.97 million for the quarter, compared to the consensus estimate of $1.22 million. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The firm’s revenue was down 98.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. On average, sell-side analysts predict that Prothena will post -2.34 earnings per share for the current fiscal year.

Institutional Trading of Prothena

Institutional investors have recently modified their holdings of the company. Signaturefd LLC lifted its holdings in Prothena by 182.1% in 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 during the period. Headlands Technologies LLC purchased a new stake in Prothena in the first quarter worth about $96,000. China Universal Asset Management Co. Ltd. lifted its holdings in Prothena by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock worth $173,000 after buying an additional 4,026 shares during the period. Intech Investment Management LLC purchased a new stake in Prothena in the third quarter worth about $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Prothena by 13.1% in 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 during the period. 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.