Prothena Corporation plc (NASDAQ:PRTA) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Prothena Corporation plc (NASDAQ:PRTA) received an average recommendation of "Hold" from nine research firms, with one analyst issuing a sell recommendation, four holding, and four buying.
• The average twelve-month target price for Prothena is $19.75, though several analysts have significantly cut their price targets, including JMP Securities reducing it from $29.00 to $11.00.
• Prothena reported a $1.86 loss per share in its last quarterly earnings, missing analysts' expectations by $0.75, with revenue also falling short at $4.42 million.

Prothena Corporation plc (NASDAQ:PRTA - Get Free Report) has been given an average recommendation of "Hold" by the nine research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $19.75.

PRTA has been the subject of several research analyst reports. JMP Securities reduced their target price on Prothena from $29.00 to $11.00 and set a "market outperform" rating for the company in a research note on Tuesday, September 2nd. Cantor Fitzgerald restated a "neutral" rating on shares of Prothena in a research report on Friday, June 20th. Chardan Capital reaffirmed a "buy" rating and set a $18.00 price objective on shares of Prothena in a report on Thursday, August 28th. Piper Sandler cut their target price on shares of Prothena from $81.00 to $15.00 and set an "overweight" rating for the company in a research note on Thursday, August 28th. Finally, Royal Bank Of Canada reduced their price target on shares of Prothena from $18.00 to $10.00 and set a "sector perform" rating for the company in a research report on Tuesday, August 5th.

Institutional Trading of Prothena

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in Prothena by 1.3% in the 1st quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock valued at $64,344,000 after purchasing an additional 68,652 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of Prothena by 1.8% during the second quarter. Armistice Capital LLC now owns 2,236,000 shares of the biotechnology company's stock worth $13,573,000 after buying an additional 40,000 shares in the last quarter. Siren L.L.C. raised 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 valued at $15,884,000 after buying an additional 183,715 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Prothena by 116.2% in the second quarter. Federated Hermes Inc. now owns 1,181,087 shares of the biotechnology company's stock worth $7,169,000 after buying an additional 634,832 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Prothena during the second quarter worth about $6,176,000. 97.08% of the stock is owned by institutional investors and hedge funds.

Prothena Stock Up 0.7%

PRTA stock opened at $9.99 on Friday. Prothena has a 52-week low of $4.32 and a 52-week high of $18.88. The firm has a market cap of $537.76 million, a P/E ratio of -1.77 and a beta of -0.11. The company's 50-day simple moving average is $8.21 and its 200-day simple moving average is $8.02.

Prothena (NASDAQ:PRTA - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The biotechnology company reported ($1.86) earnings per share for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.75). Prothena had a negative return on equity of 62.17% and a negative net margin of 2,929.30%.The business had revenue of $4.42 million during the quarter, compared to analyst estimates of $5.36 million. On average, analysts anticipate that Prothena will post -4.04 earnings per share for the current fiscal year.

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.

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