Prothena Corporation plc $PRTA Stock Position Decreased by Palo Alto Investors LP

Key Points

• Palo Alto Investors LP reduced its stake in Prothena Corporation plc by 4.5%, selling 78,230 shares in the first quarter, maintaining approximately 3.9% of the company’s total shares.
• Prothena’s latest earnings report revealed a loss of ($1.86) per share, missing analysts' expectations, with revenue of $4.42 million compared to projected $5.36 million.
• Recently, equities research analysts have given mixed reviews on Prothena, with four buy ratings, four holds, and one sell rating; the average price target is set at $22.00.

Palo Alto Investors LP lowered its stake in shares of Prothena Corporation plc (NASDAQ:PRTA - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,659,734 shares of the biotechnology company's stock after selling 78,230 shares during the quarter. Prothena accounts for 3.9% of Palo Alto Investors LP's investment portfolio, making the stock its 9th biggest position. Palo Alto Investors LP owned 3.08% of Prothena worth $20,539,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in PRTA. PDT Partners LLC increased its position in shares of Prothena by 18.2% during the 1st quarter. PDT Partners LLC now owns 150,316 shares of the biotechnology company's stock valued at $1,860,000 after purchasing an additional 23,113 shares during the last quarter. Siren L.L.C. boosted its stake in Prothena by 16.7% in the first quarter. Siren L.L.C. now owns 1,283,555 shares of the biotechnology company's stock worth $15,884,000 after buying an additional 183,715 shares in the last quarter. Wellington Management Group LLP grew its position in Prothena by 1.3% during the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock valued at $64,344,000 after acquiring an additional 68,652 shares during the last quarter. American Century Companies Inc. grew its position in Prothena by 14.6% during the first quarter. American Century Companies Inc. now owns 34,836 shares of the biotechnology company's stock valued at $431,000 after acquiring an additional 4,437 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Prothena in the 1st quarter worth approximately $1,856,000. Hedge funds and other institutional investors own 97.08% of the company's stock.

Prothena Stock Up 4.1%

Shares of NASDAQ:PRTA traded up $0.34 during trading on Friday, hitting $8.55. The stock had a trading volume of 1,128,164 shares, compared to its average volume of 1,065,070. The company has a market capitalization of $460.25 million, a PE ratio of -1.52 and a beta of -0.04. The firm's fifty day moving average is $7.27 and its 200 day moving average is $8.84. Prothena Corporation plc has a 12 month low of $4.32 and a 12 month high of $22.71.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.75). Prothena had a negative return on equity of 62.17% and a negative net margin of 2,929.30%.The firm had revenue of $4.42 million during the quarter, compared to the consensus estimate of $5.36 million. Equities research analysts expect that Prothena Corporation plc will post -4.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on PRTA. 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. Bank of America restated an "underperform" rating on shares of Prothena in a research report on Wednesday, May 28th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Prothena in a research report on Friday, June 20th. Oppenheimer lowered Prothena from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 27th. Finally, Piper Sandler decreased their target price on shares of Prothena from $81.00 to $15.00 and set an "overweight" rating on the stock in a research note on Thursday, August 28th. Four 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's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $19.75.

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.