Federated Hermes Inc. Reduces Position in Prothena Corporation plc (NASDAQ:PRTA)

Key Points

• Federated Hermes Inc. decreased its stake in Prothena Corporation plc by 26.8%, selling 199,922 shares, while still owning approximately 546,255 shares valued at $6.76 million.
• Multiple hedge funds have adjusted their holdings in Prothena, with ProShare Advisors LLC increasing its stake by 29.5% in the fourth quarter.
• Prothena reported a significant earnings miss for the last quarter, with a revenue of $2.83 million versus the consensus estimate of $8.18 million, and analysts project a negative earnings per share of -4.04 for the current year.

Federated Hermes Inc. reduced its stake in Prothena Corporation plc (NASDAQ:PRTA - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 546,255 shares of the biotechnology company's stock after selling 199,922 shares during the period. Federated Hermes Inc. owned approximately 1.01% of Prothena worth $6,760,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Virtus ETF Advisers LLC raised its stake in Prothena by 19.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company's stock worth $71,000 after buying an additional 833 shares during the period. GAMMA Investing LLC raised its stake in Prothena by 4,626.0% during the 1st quarter. GAMMA Investing LLC now owns 6,002 shares of the biotechnology company's stock worth $74,000 after buying an additional 5,875 shares during the period. Headlands Technologies LLC raised its stake in Prothena by 196.5% during the 4th quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company's stock worth $102,000 after buying an additional 4,858 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in Prothena during the 1st quarter worth $126,000. Finally, Cary Street Partners Financial LLC acquired a new stake in Prothena during the 4th quarter worth $173,000. 97.08% of the stock is currently owned by institutional investors.

Prothena Price Performance

NASDAQ:PRTA traded up $0.78 during mid-day trading on Wednesday, reaching $7.81. The stock had a trading volume of 2,357,860 shares, compared to its average volume of 1,059,716. The stock has a 50-day simple moving average of $6.01 and a two-hundred day simple moving average of $9.77. The stock has a market capitalization of $420.41 million, a PE ratio of -1.39 and a beta of -0.03. Prothena Corporation plc has a 12 month low of $4.32 and a 12 month high of $23.66.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The biotechnology company reported ($1.86) EPS for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.75). The firm had revenue of $4.42 million for the quarter, compared to the consensus estimate of $5.36 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 56.99%. Equities analysts expect that Prothena Corporation plc will post -4.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRTA. JMP Securities lowered their target price on Prothena from $78.00 to $29.00 and set a "market outperform" rating for the company in a report on Tuesday, May 27th. Chardan Capital restated a "buy" rating and issued a $18.00 price objective on shares of Prothena in a report on Tuesday. Jefferies Financial Group cut Prothena from a "buy" rating to a "hold" rating and set a $6.00 price objective for the company. in a report on Tuesday, May 27th. Piper Sandler decreased their price objective on Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a report on Tuesday, May 27th. Finally, Bank of America restated an "underperform" rating on shares of Prothena in a report on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $30.25.

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.