Prothena (NASDAQ:PRTA) Share Price Passes Below Two Hundred Day Moving Average - What's Next?

Key Points

• Prothena shares fell below their 200-day moving average, trading as low as $9.10 versus the $9.40 average, with the latest price at $9.35.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $24.57 target price; targets range from $20 to $30 despite one sell rating.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.32 per share versus a projected $0.39 loss and revenue of $1.01 million versus $0.42 million expected. Insiders have been net buyers recently, while institutional investors own 97.08% of the stock.

Prothena Corporation plc (NASDAQ:PRTA - Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.40 and traded as low as $9.10. Prothena shares last traded at $9.35, with a volume of 335,149 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PRTA shares. Citigroup reissued an "outperform" rating on shares of Prothena in a research note on Friday, May 8th. UBS Group reaffirmed a "buy" rating on shares of Prothena in a research note on Friday, July 24th. Weiss Ratings lowered shares of Prothena from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. HC Wainwright reiterated a "buy" rating and set a $30.00 target price on shares of Prothena in a research report on Friday, July 24th. Finally, Citizens Jmp boosted their target price on shares of Prothena from $19.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, May 8th. One 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.57.

Prothena Price Performance

The firm's fifty day moving average price is $9.06 and its two-hundred day moving average price is $9.40. The stock has a market cap of $489.47 million, a price-to-earnings ratio of -11.13, a price-to-earnings-growth ratio of 3.29 and a beta of -0.29.

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

Insider Activity at Prothena

In related news, major shareholder William P. Scully acquired 125,000 shares of the company's stock in a transaction on Thursday, June 11th. The shares were acquired at an average cost of $8.17 per share, for a total transaction of $1,021,250.00. Following the purchase, the insider owned 1,061,000 shares in the company, valued at approximately $8,668,370. The trade was a 13.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael John Isaacs sold 8,386 shares of Prothena stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $8.47, for a total transaction of $71,029.42. Following the transaction, the general counsel directly owned 35,745 shares in the company, valued at $302,760.15. This represents a 19.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have purchased a total of 245,000 shares of company stock valued at $2,084,250 over the last 90 days. Insiders own 10.40% of the company's stock.

Institutional Trading of Prothena

Several institutional investors and hedge funds have recently made changes to their positions in PRTA. Rubric Capital Management LP grew its position in Prothena by 138.7% in the 4th quarter. Rubric Capital Management LP now owns 3,677,331 shares of the biotechnology company's stock worth $35,119,000 after purchasing an additional 2,136,958 shares in the last quarter. State Street Corp grew its holdings in shares of Prothena by 151.7% in the fourth quarter. State Street Corp now owns 2,267,802 shares of the biotechnology company's stock valued at $21,658,000 after acquiring an additional 1,366,764 shares in the last quarter. Rangeley Capital LLC purchased a new stake in shares of Prothena during the second quarter valued at approximately $4,342,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Prothena during the third quarter valued at approximately $6,386,000. Finally, JPMorgan Chase & Co. lifted its holdings in Prothena by 479.6% during the third quarter. JPMorgan Chase & Co. now owns 735,765 shares of the biotechnology company's stock worth $7,181,000 after acquiring an additional 608,814 shares during the period. Hedge funds and other institutional investors own 97.08% of the company's stock.

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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