Prothena (NASDAQ:PRTA) Price Target Cut to $15.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has significantly reduced its price target for Prothena's stock from $81.00 to $15.00, suggesting a potential upside of 76.64% based on the company's previous close.
• Prothena reported a quarterly loss of ($1.86) EPS, missing expectations, with revenue of $4.42 million compared to an expected $5.36 million.
• The stock has seen mixed ratings, with four analysts issuing a "Buy" rating, four a "Hold" rating, and one a "Sell" rating, resulting in a consensus rating of "Hold" with an average price target of $22.00.

Prothena (NASDAQ:PRTA - Free Report) had its price target decreased by Piper Sandler from $81.00 to $15.00 in a research report sent to investors on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the biotechnology company's stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group cut shares of Prothena from a "buy" rating to a "hold" rating and set a $6.00 target price for the company. in a report on Tuesday, May 27th. Oppenheimer lowered shares of Prothena from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 27th. Cantor Fitzgerald restated a "neutral" rating on shares of Prothena in a research report on Friday, June 20th. HC Wainwright reissued a "buy" rating and set a $14.00 target price on shares of Prothena in a research note on Tuesday, August 5th. Finally, Chardan Capital reissued a "buy" rating and set a $18.00 target price on shares of Prothena in a research note on Thursday, August 28th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Prothena has a consensus rating of "Hold" and an average target price of $19.75.

Prothena Stock Performance

PRTA traded up $0.17 during trading on Thursday, hitting $8.37. The stock had a trading volume of 574,646 shares, compared to its average volume of 1,061,432. The company has a market capitalization of $450.34 million, a PE ratio of -1.48 and a beta of -0.04. Prothena has a twelve month low of $4.32 and a twelve month high of $22.83. The stock has a 50 day simple moving average of $7.14 and a two-hundred day simple moving average of $8.89.

Prothena (NASDAQ:PRTA - Get Free Report) last posted 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 company 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%. On average, equities research analysts anticipate that Prothena will post -4.04 EPS for the current year.

Institutional Trading of Prothena

Several large investors have recently bought and sold shares of PRTA. Prospera Financial Services Inc purchased a new stake in Prothena during the 2nd quarter valued at about $61,000. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 5,875 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Prothena by 571.0% in the 2nd 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. Corton Capital Inc. acquired a new position in Prothena in the 2nd quarter valued at about $85,000. Finally, Los Angeles Capital Management LLC acquired a new position in Prothena in the 2nd quarter valued at about $101,000. Hedge funds and other institutional investors own 97.08% of the company's stock.

About Prothena

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.