Prothena (NASDAQ:PRTA) Price Target Cut to $20.00 by Analysts at Royal Bank of Canada

Prothena (NASDAQ:PRTA) had its price target cut by stock analysts at Royal Bank of Canada from $24.00 to $20.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 29.11% from the company’s previous close.

PRTA has been the subject of several other reports. Bank of America dropped their price target on Prothena from $26.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald restated an “overweight” rating on shares of Prothena in a research note on Friday. Oppenheimer upped their price target on Prothena from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Chardan Capital restated a “buy” rating and issued a $40.00 price target on shares of Prothena in a research note on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $48.00 price objective on shares of Prothena in a report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Prothena presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.83.

Prothena Price Performance

Shares of NASDAQ:PRTA traded up $0.24 during mid-day trading on Friday, reaching $15.49. 361,487 shares of the company traded hands, compared to its average volume of 365,855. The company’s 50 day moving average price is $14.28 and its 200-day moving average price is $16.83. The firm has a market cap of $833.57 million, a PE ratio of -6.24 and a beta of 0.08. Prothena has a 52 week low of $11.70 and a 52 week high of $31.03.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.06). Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The business had revenue of $2.12 million during the quarter, compared to the consensus estimate of $7.53 million. On average, research analysts predict that Prothena will post -2.24 earnings per share for the current fiscal year.

Institutional Trading of Prothena

Hedge funds have recently modified their holdings of the company. Virtus ETF Advisers LLC raised its holdings in Prothena by 19.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 833 shares during the period. Headlands Technologies LLC raised its holdings in Prothena by 196.5% during the 4th quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 4,858 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Prothena by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock valued at $173,000 after buying an additional 4,026 shares during the period. Teacher Retirement System of Texas purchased a new stake in Prothena during the 4th quarter valued at $145,000. Finally, Purkiss Capital Advisors LLC purchased a new stake in Prothena during the 4th quarter valued at $149,000. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.