Cantor Fitzgerald Lifts Earnings Estimates for Prothena

Prothena Co. plc (NASDAQ:PRTAFree Report) – Investment analysts at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for shares of Prothena in a report released on Wednesday, November 13th. Cantor Fitzgerald analyst C. Duncan now expects that the biotechnology company will post earnings per share of ($2.41) for the year, up from their prior estimate of ($2.52). Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for Prothena’s current full-year earnings is ($2.29) per share.

Prothena (NASDAQ:PRTAGet Free Report) last released its quarterly earnings data on Tuesday, November 12th. The biotechnology company reported ($1.10) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.08. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The company had revenue of $0.97 million for the quarter, compared to analysts’ expectations of $1.22 million. During the same period last year, the firm posted $0.38 earnings per share. Prothena’s revenue was down 98.9% compared to the same quarter last year.

A number of other brokerages also recently weighed in on PRTA. Bank of America lowered their price objective on shares of Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 1st. HC Wainwright restated a “buy” rating and issued a $84.00 price target on shares of Prothena in a research note on Wednesday, November 13th. Royal Bank of Canada cut their price objective on Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a report on Friday, August 9th. Oppenheimer lowered their target price on Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Prothena presently has an average rating of “Moderate Buy” and an average price target of $61.86.

View Our Latest Research Report on Prothena

Prothena Stock Down 3.6 %

Shares of NASDAQ PRTA opened at $13.51 on Monday. The firm’s 50-day moving average price is $18.05 and its 200-day moving average price is $20.27. Prothena has a 52-week low of $13.45 and a 52-week high of $41.54. The company has a market cap of $726.97 million, a PE ratio of -5.45 and a beta of 0.16.

Hedge Funds Weigh In On Prothena

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in shares of Prothena by 14.8% in the third quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company’s stock worth $69,911,000 after purchasing an additional 539,359 shares in the last quarter. Artal Group S.A. boosted its holdings in Prothena by 99.7% in the 1st quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock worth $24,804,000 after buying an additional 500,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Prothena by 1,122.9% in 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 worth $8,812,000 after buying an additional 483,673 shares during the period. 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 worth $32,198,000 after buying an additional 464,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Prothena by 5.1% during the first quarter. Vanguard Group Inc. now owns 1,125,283 shares of the biotechnology company’s stock valued at $27,873,000 after acquiring an additional 54,728 shares during the period. Hedge funds and other institutional investors own 97.08% of the company’s stock.

About Prothena

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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.

See Also

Earnings History and Estimates for Prothena (NASDAQ:PRTA)

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