Prothena (NASDAQ:PRTA) Given New $110.00 Price Target at Piper Sandler

Prothena (NASDAQ:PRTA - Get Free Report) had its target price raised by investment analysts at Piper Sandler from $94.00 to $110.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com upgraded Prothena from a "sell" rating to a "hold" rating in a report on Monday, February 24th. Oppenheimer lifted their price target on shares of Prothena from $58.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. HC Wainwright reiterated a "buy" rating and issued a $48.00 price target on shares of Prothena in a research report on Friday, February 21st. Cantor Fitzgerald restated an "overweight" rating on shares of Prothena in a research report on Friday, February 21st. Finally, Bank of America lowered their price objective on shares of Prothena from $26.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.00.

Prothena Trading Up 4.5 %

Shares of NASDAQ PRTA traded up $0.68 during mid-day trading on Wednesday, hitting $15.81. The company had a trading volume of 514,558 shares, compared to its average volume of 379,202. The company has a market capitalization of $850.72 million, a PE ratio of -6.87 and a beta of 0.08. The firm has a 50-day simple moving average of $14.44 and a two-hundred day simple moving average of $16.58. Prothena has a one year low of $11.70 and a one year high of $30.85.

Prothena (NASDAQ:PRTA - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($1.08) EPS for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.06). Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. The business had revenue of $2.12 million for the quarter, compared to the consensus estimate of $7.53 million. Sell-side analysts expect that Prothena will post -4.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRTA. Wellington Management Group LLP increased its holdings in shares of Prothena by 22.8% during the fourth quarter. Wellington Management Group LLP now owns 5,130,876 shares of the biotechnology company's stock worth $71,063,000 after buying an additional 952,088 shares in the last quarter. Boxer Capital Management LLC acquired a new position in shares of Prothena during the fourth quarter worth $9,556,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Prothena by 1,122.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company's stock worth $8,812,000 after buying an additional 483,673 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Prothena by 84.3% during the fourth quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company's stock worth $10,335,000 after buying an additional 341,274 shares in the last quarter. Finally, Finepoint Capital LP increased its holdings in shares of Prothena by 51.6% during the fourth quarter. Finepoint Capital LP now owns 657,071 shares of the biotechnology company's stock worth $9,100,000 after buying an additional 223,600 shares in the last quarter. 97.08% of the stock is currently owned by institutional investors and hedge funds.

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.