Chardan Capital Begins Coverage on Prothena (NASDAQ:PRTA)

Chardan Capital began coverage on shares of Prothena (NASDAQ:PRTA) in a report issued on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $40.00 price objective on the biotechnology company’s stock.

PRTA has been the topic of a number of other research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a research report on Monday, September 30th. StockNews.com cut Prothena from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Bank of America decreased their target price on Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $84.00 target price on shares of Prothena in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Prothena currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.29.

Prothena Trading Down 4.9 %

Shares of NASDAQ:PRTA opened at $15.22 on Friday. The company has a market capitalization of $818.97 million, a price-to-earnings ratio of -6.14 and a beta of 0.09. Prothena has a 12-month low of $11.70 and a 12-month high of $41.54. The business has a 50-day moving average price of $15.69 and a 200 day moving average price of $19.07.

Prothena (NASDAQ:PRTA) last announced its earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share for the quarter, topping the consensus estimate of ($1.18) by $0.08. The company had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.22 million. Prothena had a negative net margin of 98.86% and a negative return on equity of 24.19%. Prothena’s revenue was down 98.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, equities research analysts predict that Prothena will post -2.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRTA. Bank of New York Mellon Corp increased its holdings in 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 purchasing an additional 19,578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of 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 buying an additional 1,186 shares in the last quarter. Signaturefd LLC increased its stake 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 buying an additional 863 shares during the period. Focused Wealth Management Inc raised its holdings in Prothena by 98.7% in the second quarter. Focused Wealth Management Inc now owns 20,129 shares of the biotechnology company’s stock valued at $415,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Prothena by 9.9% in the second quarter. Rhumbline Advisers now owns 69,756 shares of the biotechnology company’s stock worth $1,440,000 after acquiring an additional 6,256 shares during the last quarter. 97.08% of the stock is currently owned by hedge funds and other institutional investors.

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.