Bank of America Cuts Prothena (NASDAQ:PRTA) Price Target to $22.00

Prothena (NASDAQ:PRTA) had its price target lowered by Bank of America from $26.00 to $22.00 in a research note issued to investors on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the biotechnology company’s stock.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Prothena in a research note on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and issued a $84.00 price objective on shares of Prothena in a research report on Wednesday, November 13th. Finally, StockNews.com lowered shares of Prothena from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.29.

Prothena Stock Down 4.9 %

PRTA opened at $15.22 on Thursday. The stock has a market cap of $818.97 million, a P/E ratio of -6.14 and a beta of 0.09. Prothena has a 12 month low of $11.70 and a 12 month high of $41.54. The company has a fifty day simple moving average of $15.69 and a 200 day simple moving average of $19.10.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.22 million. During the same period in the prior year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. On average, equities research analysts expect that Prothena will post -2.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its position in Prothena by 182.1% during the 2nd quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock worth $28,000 after buying an additional 863 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Prothena by 13.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 1,186 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Prothena by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock valued at $173,000 after acquiring an additional 4,026 shares during the last quarter. Intech Investment Management LLC bought a new stake in Prothena during the third quarter worth about $210,000. Finally, XTX Topco Ltd acquired a new position in Prothena during the third quarter valued at approximately $260,000. Institutional investors own 97.08% of the company’s stock.

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.