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

HC Wainwright reiterated their buy rating on shares of Prothena (NASDAQ:PRTA) in a research note published on Wednesday,Benzinga reports. HC Wainwright currently has a $84.00 price target on the biotechnology company’s stock. HC Wainwright also issued estimates for Prothena’s FY2028 earnings at $3.34 EPS.

A number of other brokerages also recently issued reports on PRTA. StockNews.com raised shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Bank of America cut their price target on shares of Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. 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. Oppenheimer dropped their target price on Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Prothena currently has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Prothena Trading Down 13.0 %

Shares of NASDAQ PRTA opened at $14.01 on Wednesday. Prothena has a 12-month low of $14.00 and a 12-month high of $41.54. The stock’s fifty day simple moving average is $18.19 and its two-hundred day simple moving average is $20.34. The stock has a market capitalization of $753.46 million, a PE ratio of -5.65 and a beta of 0.16.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Signaturefd LLC lifted its holdings in shares of 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 purchasing an additional 863 shares during the period. Headlands Technologies LLC purchased a new position in Prothena during the 1st quarter worth approximately $96,000. China Universal Asset Management Co. Ltd. lifted its stake in Prothena by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock valued at $173,000 after acquiring an additional 4,026 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Prothena in the 3rd quarter valued at $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Prothena by 13.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 1,186 shares during the last quarter. 97.08% of the stock is owned by institutional investors and hedge funds.

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.