Prothena (NASDAQ:PRTA) Price Target Cut to $31.00

Prothena (NASDAQ:PRTA) had its price target decreased by equities research analysts at Bank of America from $33.00 to $31.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective suggests a potential upside of 85.85% from the company’s previous close.

Several other research analysts have also recently weighed in on PRTA. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a research report on Monday. StockNews.com raised shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Oppenheimer lowered their price target on shares of Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada lowered their price target on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.86.

Prothena Stock Up 0.2 %

Shares of PRTA opened at $16.68 on Tuesday. Prothena has a 52-week low of $15.52 and a 52-week high of $55.89. The firm’s fifty day moving average is $21.21 and its two-hundred day moving average is $21.76. The stock has a market cap of $897.05 million, a PE ratio of -5.13 and a beta of 0.18.

Prothena (NASDAQ:PRTA) last announced its earnings results on Thursday, August 8th. The biotechnology company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.01) by $2.23. The company had revenue of $132.01 million for the quarter, compared to analysts’ expectations of $10.73 million. Prothena had a negative net margin of 23.44% and a negative return on equity of 9.00%. The firm’s quarterly revenue was up 3184.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.03) EPS. As a group, research analysts anticipate that Prothena will post -2.31 earnings per share for the current year.

Institutional Trading of Prothena

Several institutional investors and hedge funds have recently bought and sold shares of the stock. DCF Advisers LLC increased its stake in Prothena by 0.5% during the second quarter. DCF Advisers LLC now owns 107,500 shares of the biotechnology company’s stock worth $2,219,000 after purchasing an additional 500 shares during the period. Signaturefd LLC increased its stake in 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. ProShare Advisors LLC increased its stake in Prothena by 8.9% during the first quarter. ProShare Advisors LLC now owns 11,346 shares of the biotechnology company’s stock worth $281,000 after purchasing an additional 932 shares during the period. PNC Financial Services Group Inc. increased its stake in 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Prothena by 13.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 1,186 shares during the period. 97.08% of the stock is currently 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.