Prothena (NASDAQ:PRTA) Given New $11.00 Price Target at JMP Securities

Key Points

• JMP Securities lowered its price target for Prothena from $29.00 to $11.00, maintaining a "market outperform" rating, which suggests a potential upside of 34.15% from the stock's previous close.
• Prothena recently reported a quarterly loss of ($1.86) EPS, missing the consensus estimate and generating revenue of $4.42 million, which was below analyst expectations.
• Institutional investors and hedge funds now own 97.08% of Prothena’s shares, indicating strong support from major investors in the biotechnology sector.

Prothena (NASDAQ:PRTA - Get Free Report) had its price target reduced by investment analysts at JMP Securities from $29.00 to $11.00 in a research note issued on Tuesday, MarketBeat Ratings reports. The firm currently has a "market outperform" rating on the biotechnology company's stock. JMP Securities' price target indicates a potential upside of 28.65% from the stock's previous close.

Several other analysts also recently commented on PRTA. Oppenheimer downgraded shares of Prothena from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 27th. HC Wainwright reaffirmed a "buy" rating and issued a $14.00 target price on shares of Prothena in a report on Tuesday, August 5th. Jefferies Financial Group lowered Prothena from a "buy" rating to a "hold" rating and set a $6.00 price target on the stock. in a report on Tuesday, May 27th. Royal Bank Of Canada dropped their price target on Prothena from $18.00 to $10.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 5th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Prothena in a research report on Friday, June 20th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $19.75.

Prothena Stock Performance

Shares of Prothena stock traded up $0.34 during trading hours on Tuesday, reaching $8.55. 1,128,164 shares of the company were exchanged, compared to its average volume of 1,008,718. The firm has a market cap of $460.25 million, a PE ratio of -1.52 and a beta of -0.04. Prothena has a 1 year low of $4.32 and a 1 year high of $22.71. The stock's fifty day moving average is $7.32 and its 200 day moving average is $8.80.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings results 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). The firm had revenue of $4.42 million during the quarter, compared to analysts' expectations of $5.36 million. Prothena had a negative return on equity of 62.17% and a negative net margin of 2,929.30%. Research analysts expect that Prothena will post -4.04 earnings per share for the current year.

Hedge Funds Weigh In On Prothena

Hedge funds have recently added to or reduced their stakes in the business. Prospera Financial Services Inc acquired a new stake in shares of Prothena in the second quarter valued at approximately $61,000. GAMMA Investing LLC lifted its stake in Prothena by 4,626.0% in the 1st quarter. GAMMA Investing LLC now owns 6,002 shares of the biotechnology company's stock valued at $74,000 after buying an additional 5,875 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Prothena by 571.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 12,709 shares of the biotechnology company's stock valued at $77,000 after buying an additional 10,815 shares during the last quarter. Corton Capital Inc. acquired a new stake in Prothena during the 2nd quarter valued at $85,000. Finally, Los Angeles Capital Management LLC purchased a new position in Prothena during the second quarter worth $101,000. 97.08% of the stock is currently owned by hedge funds and other institutional investors.

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.