Prothena (NASDAQ:PRTA) Stock: Insider William Scully Buys 50,000 Shares

Key Points

• Major shareholder William Scully bought 50,000 Prothena shares at an average price of $8.07, investing $403,500 and increasing his holdings by 4.4% to 1.187 million shares.
• Prothena shares rose $0.20 to $8.40, but remain below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.32 per share, better than analyst expectations, alongside $1.01 million in revenue.
• Institutional investors own 97.08% of Prothena, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.57.

Prothena Corporation plc (NASDAQ:PRTA - Get Free Report) major shareholder William Scully purchased 50,000 shares of the business's stock in a transaction dated Friday, October 23rd. The shares were acquired at an average cost of $8.07 per share, for a total transaction of $403,500.00. Following the acquisition, the insider owned 1,187,000 shares of the company's stock, valued at approximately $9,579,090. The trade was a 4.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Prothena Stock Performance

Shares of PRTA stock traded up $0.20 on Monday, reaching $8.40. 594,544 shares of the company's stock traded hands, compared to its average volume of 511,111. Prothena Corporation plc has a 12-month low of $7.73 and a 12-month high of $11.80. The company has a market capitalization of $439.74 million, a P/E ratio of -10.00, a price-to-earnings-growth ratio of 2.89 and a beta of -0.29. The business's 50 day moving average price is $8.80 and its two-hundred day moving average price is $9.25.

Prothena (NASDAQ:PRTA - Get Free Report) last announced its earnings results on Thursday, August 6th. The biotechnology company reported ($0.32) earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.07. Prothena had a negative net margin of 80.68% and a negative return on equity of 16.45%. The company had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.42 million. Research analysts predict that Prothena Corporation plc will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Prothena

Several hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc grew its holdings in Prothena by 179.1% during the third quarter. Versant Capital Management Inc now owns 5,704 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 3,660 shares during the period. CHICAGO TRUST Co NA acquired a new position in Prothena during the first quarter worth approximately $146,000. Headlands Technologies LLC bought a new stake in Prothena in the second quarter valued at approximately $148,000. Sei Investments Co. bought a new stake in Prothena in the first quarter valued at approximately $168,000. Finally, Great Lakes Advisors LLC acquired a new stake in shares of Prothena in the second quarter valued at approximately $281,000. 97.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PRTA shares. Weiss Ratings upgraded Prothena from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, October 14th. HC Wainwright restated a "buy" rating and issued a $30.00 price target on shares of Prothena in a research note on Friday, July 24th. Wall Street Zen lowered Prothena from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, UBS Group reiterated a "buy" rating on shares of Prothena in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Prothena presently has a consensus rating of "Moderate Buy" and an average price target of $24.57.

About Prothena

Prothena Corporation plc NASDAQ: PRTA is a clinical-stage biotechnology company focused on discovering and developing novel medicines for serious neurodegenerative and rare peripheral diseases. Its research is centered on disease-causing proteins, including amyloid-beta, alpha-synuclein and transthyretin, with the goal of creating antibody-based therapies that address underlying disease mechanisms.

The company's product pipeline has included birtamimab, an investigational antibody being developed for the treatment of AL amyloidosis, and prasinezumab, an investigational alpha-synuclein antibody being developed in collaboration with Roche for certain forms of Parkinson's disease.

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