Rubric Capital Management LP Has $48.60 Million Position in Prothena Corporation plc $PRTA

Key Points

• Rubric Capital Management increased its Prothena stake by 36% in the first quarter, purchasing 1.32 million additional shares. It now owns 5 million shares, or approximately 9.55% of the company, valued at $48.6 million.
• Prothena shares opened at $8.70, within a 52-week range of $6.61 to $11.80. The company reported quarterly revenue of $51.08 million and earnings of $0.60 per share, beating analyst expectations.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $23.75. Insiders have also purchased 345,000 shares worth roughly $3.1 million over the past three months.

Rubric Capital Management LP grew its holdings in Prothena Corporation plc (NASDAQ:PRTA - Free Report) by 36.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,000,000 shares of the biotechnology company's stock after buying an additional 1,322,669 shares during the quarter. Rubric Capital Management LP owned approximately 9.55% of Prothena worth $48,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. ProShare Advisors LLC bought a new stake in Prothena during the 4th quarter worth about $100,000. PDT Partners LLC acquired a new position in shares of Prothena during the fourth quarter worth approximately $108,000. DRW Securities LLC acquired a new position in shares of Prothena during the fourth quarter worth approximately $114,000. Brooklyn Investment Group grew its stake in shares of Prothena by 13.1% during the third quarter. Brooklyn Investment Group now owns 12,569 shares of the biotechnology company's stock valued at $123,000 after purchasing an additional 1,456 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Prothena by 571.0% during the second quarter. Tower Research Capital LLC TRC now owns 12,709 shares of the biotechnology company's stock valued at $77,000 after purchasing an additional 10,815 shares during the last quarter. Institutional investors and hedge funds own 97.08% of the company's stock.

Prothena Price Performance

Shares of NASDAQ:PRTA opened at $8.70 on Tuesday. Prothena Corporation plc has a one year low of $6.61 and a one year high of $11.80. The company has a 50 day moving average of $9.13 and a 200-day moving average of $9.45. The stock has a market cap of $455.44 million, a price-to-earnings ratio of -3.09, a P/E/G ratio of 1.40 and a beta of -0.31.

Prothena (NASDAQ:PRTA - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.91. Prothena had a negative net margin of 260.92% and a negative return on equity of 43.44%. The business had revenue of $51.08 million for the quarter, compared to analyst estimates of $0.81 million. Equities research analysts anticipate that Prothena Corporation plc will post 0.18 earnings per share for the current year.

Insider Activity at Prothena

In other Prothena news, major shareholder William P. Scully bought 20,000 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was bought at an average price of $7.90 per share, for a total transaction of $158,000.00. Following the transaction, the insider owned 756,000 shares of the company's stock, valued at approximately $5,972,400. The trade was a 2.72% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have acquired 345,000 shares of company stock worth $3,097,250. Insiders own 10.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. UBS Group reissued a "buy" rating on shares of Prothena in a report on Friday. Citizens Jmp upped their price objective on Prothena from $19.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, May 8th. Wall Street Zen lowered Prothena from a "buy" rating to a "hold" rating in a research report on Saturday. Citigroup reissued an "outperform" rating on shares of Prothena in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded Prothena from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.75.

About Prothena

Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.

The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.

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