Prothena Corporation plc (NASDAQ:PRTA) Shares Sold by Federated Hermes Inc.

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

A number of other large investors have also recently made changes to their positions in PRTA. Deutsche Bank AG raised its position in shares of Prothena by 195.7% in the fourth quarter. Deutsche Bank AG now owns 95,970 shares of the biotechnology company's stock worth $1,329,000 after acquiring an additional 63,512 shares during the period. Barclays PLC raised its position in shares of Prothena by 10.6% in the fourth quarter. Barclays PLC now owns 105,338 shares of the biotechnology company's stock worth $1,458,000 after acquiring an additional 10,116 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Prothena in the first quarter worth about $126,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Prothena in the fourth quarter worth about $1,117,000. Finally, SG Americas Securities LLC raised its position in shares of Prothena by 92.9% in the first quarter. SG Americas Securities LLC now owns 72,559 shares of the biotechnology company's stock worth $898,000 after acquiring an additional 34,947 shares during the period. 97.08% of the stock is owned by hedge funds and other institutional investors.

Prothena Price Performance

Shares of NASDAQ:PRTA traded up $0.09 during mid-day trading on Tuesday, reaching $7.03. 1,565,289 shares of the company were exchanged, compared to its average volume of 1,051,042. The firm has a market cap of $378.40 million, a price-to-earnings ratio of -3.38 and a beta of -0.03. The firm's 50-day simple moving average is $5.96 and its 200 day simple moving average is $9.79. Prothena Corporation plc has a 1 year low of $4.32 and a 1 year high of $23.66.

Prothena (NASDAQ:PRTA - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The biotechnology company reported ($1.86) earnings per share for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.75). The company had revenue of $4.42 million for the quarter, compared to analysts' expectations of $5.36 million. Prothena had a negative return on equity of 21.61% and a negative net margin of 79.94%. On average, research analysts forecast that Prothena Corporation plc will post -4.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. HC Wainwright reiterated a "buy" rating and issued a $14.00 price objective on shares of Prothena in a research report on Tuesday. Oppenheimer downgraded shares of Prothena from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 27th. Chardan Capital restated a "buy" rating and set a $18.00 price target on shares of Prothena in a research report on Tuesday. Royal Bank Of Canada reduced their price target on shares of Prothena from $18.00 to $10.00 and set a "sector perform" rating for the company in a research report on Tuesday. Finally, Piper Sandler cut their price objective on shares of Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $30.25.

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.