Prothena (NASDAQ:PRTA) Price Target Cut to $22.00 by Analysts at Bank of America

Prothena (NASDAQ:PRTA - Get Free Report) had its target price dropped by equities researchers at Bank of America from $26.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the biotechnology company's stock. Bank of America's price objective indicates a potential upside of 37.41% from the company's previous close.

Other equities analysts also recently issued reports about the stock. HC Wainwright reaffirmed a "buy" rating and set a $84.00 price objective on shares of Prothena in a research note on Wednesday, November 13th. StockNews.com downgraded Prothena from a "hold" rating to a "sell" rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Prothena in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $60.33.

Prothena Trading Up 34.0 %

Shares of NASDAQ:PRTA traded up $4.06 during trading on Thursday, reaching $16.01. The company had a trading volume of 3,281,450 shares, compared to its average volume of 588,382. Prothena has a 12 month low of $11.70 and a 12 month high of $41.54. The stock has a market capitalization of $861.48 million, a P/E ratio of -6.46 and a beta of 0.09. The company has a fifty day moving average of $15.74 and a two-hundred day moving average of $19.17.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Prothena by 14.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company's stock worth $69,911,000 after acquiring an additional 539,359 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Prothena by 1,122.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company's stock valued at $8,812,000 after purchasing an additional 483,673 shares during the last quarter. Armistice Capital LLC raised its position in Prothena by 42.3% in the 2nd quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company's stock worth $32,198,000 after purchasing an additional 464,000 shares during the period. Barclays PLC lifted its stake in Prothena by 110.2% in the third quarter. Barclays PLC now owns 95,222 shares of the biotechnology company's stock worth $1,592,000 after purchasing an additional 49,916 shares during the last quarter. Finally, Duncan Williams Asset Management LLC purchased a new position in shares of Prothena during the third quarter valued at approximately $816,000. Institutional investors own 97.08% of the company's stock.

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.