Prothena (NASDAQ:PRTA) Posts Earnings Results, Beats Expectations By $0.07 EPS

Prothena (NASDAQ:PRTA) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.07, Zacks reports. Prothena had a negative return on equity of 43.44% and a negative net margin of 260.92%.The company had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.42 million.

Prothena Stock Up 2.1%

Shares of PRTA traded up $0.18 during trading hours on Friday, hitting $8.76. The company had a trading volume of 481,852 shares, compared to its average volume of 527,520. The firm has a market cap of $458.61 million, a price-to-earnings ratio of -3.11, a PEG ratio of 1.36 and a beta of -0.30. The business has a fifty day moving average of $8.93 and a 200-day moving average of $9.41. Prothena has a 12 month low of $7.39 and a 12 month high of $11.80.

Insider Activity at Prothena

In related news, major shareholder William P. Scully purchased 125,000 shares of the stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $8.17 per share, with a total value of $1,021,250.00. Following the acquisition, the insider directly owned 1,061,000 shares in the company, valued at $8,668,370. The trade was a 13.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Anne Evans Kingston sold 7,662 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $8.47, for a total transaction of $64,897.14. Following the sale, the insider owned 55,782 shares of the company’s stock, valued at $472,473.54. This trade represents a 12.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have purchased 345,000 shares of company stock worth $3,097,250. Insiders own 10.40% of the company’s stock.

Institutional Trading of Prothena

Institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. bought a new position in shares of Prothena during the first quarter worth approximately $230,000. Creative Planning increased its position in shares of Prothena by 373.0% in the second quarter. Creative Planning now owns 50,569 shares of the biotechnology company’s stock worth $307,000 after purchasing an additional 39,879 shares during the period. American Century Companies Inc. increased its position in shares of Prothena by 72.1% in the second quarter. American Century Companies Inc. now owns 59,965 shares of the biotechnology company’s stock worth $364,000 after purchasing an additional 25,129 shares during the period. Russell Investments Group Ltd. raised its stake in Prothena by 7,956.6% in the second quarter. Russell Investments Group Ltd. now owns 96,196 shares of the biotechnology company’s stock valued at $584,000 after purchasing an additional 95,002 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in Prothena by 251.8% during the second quarter. Hsbc Holdings PLC now owns 46,047 shares of the biotechnology company’s stock worth $282,000 after purchasing an additional 32,959 shares during the period. Institutional investors own 97.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PRTA. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Prothena in a research report on Friday, July 24th. UBS Group restated a “buy” rating on shares of Prothena in a research note on Friday, July 24th. Citigroup reiterated an “outperform” rating on shares of Prothena in a research note on Friday, May 8th. Wall Street Zen cut Prothena from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Weiss Ratings raised Prothena from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

About Prothena

Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.

The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.