Prothena (NASDAQ:PRTA) Stock Rating Reaffirmed by HC Wainwright

Prothena (NASDAQ:PRTA - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at HC Wainwright in a report issued on Tuesday, Benzinga reports. They presently have a $84.00 price target on the biotechnology company's stock. HC Wainwright's price objective would suggest a potential upside of 404.50% from the company's current price.

PRTA has been the subject of several other research reports. Oppenheimer dropped their price target on Prothena from $66.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday, August 14th. Royal Bank of Canada cut their target price on Prothena from $28.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Friday, August 9th. Cantor Fitzgerald restated an "overweight" rating on shares of Prothena in a research note on Monday. StockNews.com upgraded Prothena from a "sell" rating to a "hold" rating in a research report on Monday, August 12th. Finally, Bank of America reduced their target price on Prothena from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Prothena currently has a consensus rating of "Moderate Buy" and an average target price of $61.86.

Prothena Stock Performance

Shares of Prothena stock traded down $0.08 during midday trading on Tuesday, hitting $16.65. The company had a trading volume of 1,690,188 shares, compared to its average volume of 598,359. Prothena has a 52-week low of $15.52 and a 52-week high of $55.89. The company has a 50 day moving average of $21.37 and a 200 day moving average of $21.83. The stock has a market capitalization of $895.30 million, a P/E ratio of -5.12 and a beta of 0.18.

Prothena (NASDAQ:PRTA - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The biotechnology company reported $1.22 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $10.73 million. During the same period in the previous year, the business posted ($1.03) earnings per share. The business's revenue for the quarter was up 3184.7% on a year-over-year basis. Equities research analysts forecast that Prothena will post -2.31 EPS for the current year.

Institutional Investors Weigh In On Prothena

Institutional investors have recently made changes to their positions in the stock. Artal Group S.A. lifted its stake in Prothena by 99.7% in the first quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company's stock worth $24,804,000 after acquiring an additional 500,000 shares during the last quarter. Armistice Capital LLC increased its stake in Prothena by 42.3% in the 2nd quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company's stock valued at $32,198,000 after buying an additional 464,000 shares during the period. Wellington Management Group LLP increased its stake in Prothena by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 2,594,102 shares of the biotechnology company's stock valued at $94,270,000 after buying an additional 452,455 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Prothena by 10.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,237,351 shares of the biotechnology company's stock valued at $153,986,000 after buying an additional 417,338 shares during the period. Finally, Granahan Investment Management LLC increased its stake in Prothena by 19.9% in the 4th quarter. Granahan Investment Management LLC now owns 417,157 shares of the biotechnology company's stock valued at $15,159,000 after buying an additional 69,092 shares during the period. 97.08% of the stock is currently owned by institutional investors and hedge funds.

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.