Price T Rowe Associates Inc. MD Decreases Holdings in Prothena Corporation plc $PRTA

Key Points

• Price T Rowe Associates Inc. MD decreased its holdings in Prothena Corporation by 6.2% during the first quarter, selling 229,852 shares and now owning 3,455,856 shares worth approximately $42.8 million.
• Several research firms have issued new price targets for Prothena, with Jefferies downgrading the stock to a "hold" rating and setting a target of $6.00, while JMP Securities lowered their target from $78.00 to $29.00.
• Prothena recently reported a quarterly loss of (1.86) EPS, missing expectations, and had a revenue of $4.42 million compared to estimates of $5.36 million.

Price T Rowe Associates Inc. MD trimmed its stake in shares of Prothena Corporation plc (NASDAQ:PRTA - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,455,856 shares of the biotechnology company's stock after selling 229,852 shares during the period. Price T Rowe Associates Inc. MD owned 6.42% of Prothena worth $42,767,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Prothena by 4,626.0% during the first quarter. GAMMA Investing LLC now owns 6,002 shares of the biotechnology company's stock valued at $74,000 after purchasing an additional 5,875 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Prothena in the first quarter worth about $126,000. Cary Street Partners Financial LLC purchased a new position in shares of Prothena in the fourth quarter worth about $173,000. Chicago Partners Investment Group LLC lifted its stake in shares of Prothena by 29.6% in the first quarter. Chicago Partners Investment Group LLC now owns 14,512 shares of the biotechnology company's stock worth $180,000 after buying an additional 3,315 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Prothena in the fourth quarter worth about $182,000. 97.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRTA. Jefferies Financial Group downgraded shares of Prothena from a "buy" rating to a "hold" rating and set a $6.00 price target on the stock. in a research note on Tuesday, May 27th. Cantor Fitzgerald reissued a "neutral" rating on shares of Prothena in a research note on Friday, June 20th. JMP Securities decreased their price target on shares of Prothena from $78.00 to $29.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 27th. HC Wainwright reissued a "buy" rating and issued a $14.00 price target on shares of Prothena in a research note on Tuesday, August 5th. Finally, Royal Bank Of Canada decreased their price target on shares of Prothena from $18.00 to $10.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 5th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $30.25.

Prothena Trading Up 2.5%

Prothena stock opened at $8.56 on Thursday. Prothena Corporation plc has a 12-month low of $4.32 and a 12-month high of $22.83. The stock has a market cap of $460.78 million, a P/E ratio of -1.52 and a beta of -0.03. The company has a 50-day moving average price of $7.00 and a 200 day moving average price of $9.08.

Prothena (NASDAQ:PRTA - Get Free Report) last announced its quarterly earnings results 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). Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%. The company had revenue of $4.42 million for the quarter, compared to analyst estimates of $5.36 million. As a group, analysts forecast that Prothena Corporation plc will post -4.04 EPS for the current year.

Prothena 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.

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