Prothena (NASDAQ:PRTA) Price Target Cut to $81.00 by Analysts at Piper Sandler

Prothena (NASDAQ:PRTA - Free Report) had its price objective lowered by Piper Sandler from $110.00 to $81.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company's stock.

Other equities research analysts also recently issued research reports about the company. Chardan Capital cut their price objective on Prothena from $40.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday. Royal Bank of Canada cut their price objective on Prothena from $24.00 to $20.00 and set a "sector perform" rating for the company in a report on Friday, February 21st. JMP Securities cut their price objective on Prothena from $78.00 to $29.00 and set a "market outperform" rating for the company in a report on Tuesday. Oppenheimer downgraded Prothena from an "outperform" rating to a "market perform" rating in a report on Tuesday. Finally, Jefferies Financial Group downgraded Prothena from a "buy" rating to a "hold" rating and set a $6.00 price objective for the company. in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $31.50.

Prothena Stock Performance

NASDAQ PRTA traded down $0.11 during trading hours on Tuesday, reaching $4.59. 1,963,387 shares of the company's stock were exchanged, compared to its average volume of 686,990. The company's 50-day moving average is $8.88 and its two-hundred day moving average is $12.48. Prothena has a one year low of $4.32 and a one year high of $25.42. The company has a market capitalization of $247.07 million, a price-to-earnings ratio of -2.00 and a beta of 0.11.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.20). The business had revenue of $2.83 million for the quarter, compared to the consensus estimate of $8.18 million. Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. Prothena's revenue was up 5500.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.34) earnings per share. Research analysts predict that Prothena will post -4.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prothena

A number of hedge funds and other institutional investors have recently modified their holdings of PRTA. Wellington Management Group LLP increased its position in shares of Prothena by 1.3% in the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock worth $64,344,000 after purchasing an additional 68,652 shares during the period. Vanguard Group Inc. increased its position in shares of Prothena by 11.5% in the fourth quarter. Vanguard Group Inc. now owns 1,403,838 shares of the biotechnology company's stock worth $19,443,000 after purchasing an additional 144,737 shares during the period. Siren L.L.C. increased its position in shares of 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 purchasing an additional 183,715 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Prothena by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 864,833 shares of the biotechnology company's stock worth $11,980,000 after purchasing an additional 10,783 shares during the period. Finally, Federated Hermes Inc. increased its position in shares of Prothena by 84.3% in the fourth quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company's stock worth $10,335,000 after purchasing an additional 341,274 shares during the period. Institutional investors and hedge funds own 97.08% of the company's stock.

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.