Bank of America Cuts Prothena (NASDAQ:PRTA) Price Target to $31.00

Prothena (NASDAQ:PRTA - Get Free Report) had its price objective reduced by research analysts at Bank of America from $33.00 to $31.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the biotechnology company's stock. Bank of America's price target would indicate a potential upside of 86.19% from the company's previous close.

A number of other equities research analysts have also weighed in on PRTA. Royal Bank of Canada dropped their price objective on shares of Prothena from $28.00 to $24.00 and set a "sector perform" rating on the stock in a report on Friday, August 9th. Oppenheimer cut their price objective on Prothena from $66.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Cantor Fitzgerald restated an "overweight" rating on shares of Prothena in a research report on Monday. Finally, StockNews.com raised shares of Prothena from a "sell" rating to a "hold" rating in a research note on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.86.

Prothena Trading Down 0.5 %

Shares of Prothena stock traded down $0.08 on Tuesday, hitting $16.65. 1,690,188 shares of the company traded hands, compared to its average volume of 598,359. The stock's 50 day moving average price is $21.37 and its 200-day moving average price is $21.83. Prothena has a 52 week low of $15.52 and a 52 week high of $55.89. The company has a market cap of $895.30 million, a PE ratio of -5.12 and a beta of 0.18.

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

Institutional Investors Weigh In On Prothena

Several institutional investors and hedge funds have recently made changes to their positions in PRTA. DCF Advisers LLC raised its holdings in shares of Prothena by 0.5% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the biotechnology company's stock valued at $2,219,000 after buying an additional 500 shares during the period. Signaturefd LLC lifted its holdings in shares of Prothena by 182.1% during the second quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 863 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Prothena by 8.9% during the first quarter. ProShare Advisors LLC now owns 11,346 shares of the biotechnology company's stock valued at $281,000 after purchasing an additional 932 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Prothena by 265.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,544 shares of the biotechnology company's stock valued at $56,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 valued at $211,000 after purchasing an additional 1,186 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.