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

Prothena (NASDAQ:PRTA) had its price objective lifted by investment analysts at Piper Sandler from $94.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock.

Several other analysts also recently issued reports on the stock. Chardan Capital reissued a “buy” rating and issued a $40.00 price target on shares of Prothena in a research report on Friday, February 21st. StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday. Bank of America reduced their target price on shares of Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada cut their price target on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating on the stock in a report on Friday, February 21st. Finally, Oppenheimer boosted their price target on Prothena from $58.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Prothena Price Performance

Shares of PRTA stock traded down $0.24 during trading hours on Wednesday, reaching $14.39. The company had a trading volume of 154,968 shares, compared to its average volume of 370,444. Prothena has a 1-year low of $11.70 and a 1-year high of $31.03. The company has a 50 day moving average of $14.40 and a 200 day moving average of $16.68. The firm has a market cap of $774.31 million, a price-to-earnings ratio of -6.28 and a beta of 0.08.

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 analysts’ consensus estimates of ($1.02) by ($0.06). Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. The business had revenue of $2.12 million during the quarter, compared to the consensus estimate of $7.53 million. As a group, sell-side analysts forecast that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

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