Cantor Fitzgerald Upgrades Prothena (NASDAQ:PRTA) to "Strong-Buy"

Prothena (NASDAQ:PRTA - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports. Cantor Fitzgerald also issued estimates for Prothena's FY2025 earnings at ($3.59) EPS.

A number of other research analysts have also weighed in on PRTA. StockNews.com raised Prothena from a "sell" rating to a "hold" rating in a report on Monday, February 24th. Piper Sandler boosted their price objective on Prothena from $94.00 to $110.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. HC Wainwright lowered their price objective on Prothena from $48.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Oppenheimer upped their target price on Prothena from $58.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, JMP Securities decreased their target price on Prothena from $80.00 to $78.00 and set a "market outperform" rating for the company in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prothena presently has a consensus rating of "Moderate Buy" and an average target price of $51.71.

Prothena Stock Down 9.2%

PRTA stock opened at $6.89 on Tuesday. The firm has a market capitalization of $370.87 million, a PE ratio of -3.00 and a beta of 0.11. Prothena has a twelve month low of $6.82 and a twelve month high of $25.42. The stock has a 50-day simple moving average of $10.63 and a two-hundred day simple moving average of $13.42.

Prothena (NASDAQ:PRTA - Get Free Report) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($1.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.92) by ($0.20). The company had revenue of $2.83 million for the quarter, compared to analysts' expectations of $8.18 million. Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. The firm's quarterly revenue was up 5500.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.34) EPS. On average, equities research analysts anticipate that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Prothena

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in shares of Prothena by 1.3% in the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock worth $64,344,000 after acquiring an additional 68,652 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Prothena by 11.5% in the fourth quarter. Vanguard Group Inc. now owns 1,403,838 shares of the biotechnology company's stock worth $19,443,000 after acquiring an additional 144,737 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Prothena by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 864,833 shares of the biotechnology company's stock worth $11,980,000 after acquiring an additional 10,783 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Prothena by 84.3% in the fourth quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company's stock worth $10,335,000 after acquiring an additional 341,274 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new position in shares of Prothena during the fourth quarter valued at $9,556,000. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.

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