Prothena (NASDAQ:PRTA) Price Target Cut to $83.00

Prothena (NASDAQ:PRTA) had its price objective reduced by JMP Securities from $85.00 to $83.00 in a report released on Thursday morning, Benzinga reports. They currently have a market outperform rating on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada dropped their price objective on shares of Prothena from $36.00 to $35.00 and set a sector perform rating on the stock in a research report on Friday, February 16th. Cantor Fitzgerald restated an overweight rating on shares of Prothena in a research note on Wednesday, April 10th. Bank of America reaffirmed a neutral rating and set a $38.00 price target (down from $68.00) on shares of Prothena in a report on Tuesday, January 30th. StockNews.com downgraded Prothena from a hold rating to a sell rating in a report on Monday, February 19th. Finally, HC Wainwright lowered their price target on Prothena from $90.00 to $84.00 and set a buy rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Prothena has an average rating of Moderate Buy and an average price target of $67.00.

Prothena Stock Up 0.2 %

NASDAQ PRTA traded up $0.05 during trading on Thursday, hitting $21.39. The stock had a trading volume of 15,770 shares, compared to its average volume of 722,712. The company has a market capitalization of $1.15 billion, a PE ratio of -6.57 and a beta of 0.30. The firm has a 50 day moving average price of $24.05 and a 200 day moving average price of $30.15. Prothena has a twelve month low of $19.65 and a twelve month high of $77.13.

Prothena (NASDAQ:PRTA) last announced its earnings results on Wednesday, May 8th. The biotechnology company reported ($1.34) earnings per share for the quarter, missing the consensus estimate of ($1.21) by ($0.13). Prothena had a negative return on equity of 30.48% and a negative net margin of 193.17%. The business had revenue of $0.05 million for the quarter, compared to analysts’ expectations of $3.75 million. During the same period in the previous year, the company earned ($0.89) earnings per share. On average, sell-side analysts anticipate that Prothena will post -4.85 earnings per share for the current year.

Institutional Investors Weigh In On Prothena

A number of institutional investors and hedge funds have recently made changes to their positions in PRTA. China Universal Asset Management Co. Ltd. increased its position in Prothena by 99.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,375 shares of the biotechnology company’s stock valued at $66,000 after acquiring an additional 684 shares during the period. Headlands Technologies LLC acquired a new position in shares of Prothena in the third quarter valued at approximately $74,000. PNC Financial Services Group Inc. raised its stake in shares of Prothena by 265.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,544 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 1,122 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Prothena by 58.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,096 shares of the biotechnology company’s stock worth $149,000 after purchasing an additional 1,140 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new position in Prothena in the 4th quarter valued at $222,000. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.