Prothena (NASDAQ:PRTA) Price Target Lowered to $22.00 at Bank of America

Prothena (NASDAQ:PRTA) had its target price lowered by Bank of America from $26.00 to $22.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s target price would indicate a potential upside of 34.64% from the company’s previous close.

Several other equities research analysts have also recently commented on PRTA. HC Wainwright reaffirmed a “buy” rating and set a $84.00 target price on shares of Prothena in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Monday, September 30th. Finally, StockNews.com downgraded shares of Prothena from a “hold” rating to a “sell” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Prothena has an average rating of “Hold” and a consensus price target of $60.33.

Prothena Stock Performance

Shares of PRTA traded up $4.39 during mid-day trading on Thursday, reaching $16.34. 2,178,156 shares of the company were exchanged, compared to its average volume of 583,703. The business has a 50 day simple moving average of $15.83 and a two-hundred day simple moving average of $19.22. The stock has a market capitalization of $879.24 million, a PE ratio of -6.59 and a beta of 0.09. Prothena has a 52 week low of $11.70 and a 52 week high of $41.54.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.08. The firm had revenue of $0.97 million for the quarter, compared to the consensus estimate of $1.22 million. Prothena had a negative net margin of 98.86% and a negative return on equity of 24.19%. The company’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 EPS. On average, analysts predict that Prothena will post -2.24 EPS for the current year.

Institutional Investors Weigh In On Prothena

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in Prothena by 14.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company’s stock valued at $69,911,000 after acquiring an additional 539,359 shares in the last quarter. Armistice Capital LLC lifted its position in shares of Prothena by 42.3% during the second quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock valued at $32,198,000 after purchasing an additional 464,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Prothena by 1,122.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company’s stock worth $8,812,000 after purchasing an additional 483,673 shares during the last quarter. Systematic Financial Management LP grew its position in Prothena by 25.8% in the 2nd quarter. Systematic Financial Management LP now owns 193,763 shares of the biotechnology company’s stock worth $3,999,000 after purchasing an additional 39,771 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Prothena by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 165,423 shares of the biotechnology company’s stock worth $3,414,000 after buying an additional 19,578 shares in the last quarter. 97.08% of the stock is owned by 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.