Prothena (NASDAQ:PRTA) Trading Down 7.2% - Here's What Happened

Shares of Prothena Co. plc (NASDAQ:PRTA - Get Free Report) dropped 7.2% during trading on Monday . The stock traded as low as $11.90 and last traded at $12.20. Approximately 92,748 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 489,183 shares. The stock had previously closed at $13.14.

Analysts Set New Price Targets

PRTA has been the topic of several analyst reports. Chardan Capital reissued a "buy" rating and issued a $40.00 price target on shares of Prothena in a report on Friday, February 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Prothena in a research note on Friday, February 21st. StockNews.com upgraded shares of Prothena from a "sell" rating to a "hold" rating in a research note on Monday, February 24th. Piper Sandler upped their price objective on Prothena from $94.00 to $110.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Finally, HC Wainwright restated a "buy" rating and set a $48.00 target price on shares of Prothena in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Prothena presently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

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Prothena Price Performance

The company has a market cap of $653.46 million, a P/E ratio of -5.28 and a beta of -0.02. The business's 50 day moving average price is $14.20 and its 200-day moving average price is $15.38.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.06). The business had revenue of $2.12 million during the quarter, compared to the consensus estimate of $7.53 million. Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. As a group, research analysts forecast that Prothena Co. plc will post -4.04 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRTA. Virtus ETF Advisers LLC raised its stake in shares of Prothena by 19.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 833 shares during the last quarter. Headlands Technologies LLC increased its holdings in shares of Prothena by 196.5% in the fourth quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company's stock valued at $102,000 after purchasing an additional 4,858 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Prothena in the 4th quarter worth approximately $145,000. Purkiss Capital Advisors LLC acquired a new position in Prothena during the 4th quarter worth $149,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in Prothena by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,409 shares of the biotechnology company's stock valued at $158,000 after buying an additional 1,065 shares during the last quarter. Institutional investors and hedge funds own 97.08% of the company's stock.

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.