Prothena's (PRTA) Buy Rating Reiterated at Chardan Capital

Key Points

• Chardan Capital has reissued a "buy" rating for Prothena (NASDAQ: PRTA) with a price target of $18.00, suggesting a potential upside of 159.37% from the current stock price.
• Securities analysts have shown mixed opinions, with prices targets varying from $14.00 to $81.00, reflecting differing views on the stock's performance.
• Prothena's latest earnings report revealed a loss of ($1.12) EPS, which was below expectations, while revenue surged by 5500.0% year-over-year, but still fell short of analyst predictions.

Prothena (NASDAQ:PRTA - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Chardan Capital in a report issued on Tuesday,Benzinga reports. They currently have a $18.00 target price on the biotechnology company's stock. Chardan Capital's price objective would suggest a potential upside of 133.16% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Oppenheimer downgraded Prothena from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 27th. HC Wainwright decreased their price target on Prothena from $30.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, May 27th. Jefferies Financial Group downgraded Prothena from a "buy" rating to a "hold" rating and set a $6.00 price target for the company. in a report on Tuesday, May 27th. Piper Sandler decreased their price target on Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a report on Tuesday, May 27th. Finally, JMP Securities decreased their price target on Prothena from $78.00 to $29.00 and set a "market outperform" rating for the company in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Prothena currently has a consensus rating of "Hold" and a consensus price target of $30.25.

Prothena Stock Performance

Shares of NASDAQ PRTA traded down $0.20 during midday trading on Tuesday, hitting $7.72. 1,092,134 shares of the stock traded hands, compared to its average volume of 958,914. The company has a market cap of $415.57 million, a PE ratio of -1.37 and a beta of -0.03. Prothena has a one year low of $4.32 and a one year high of $23.66. The business has a 50 day moving average price of $6.13 and a two-hundred day moving average price of $9.71.

Prothena (NASDAQ:PRTA - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The biotechnology company reported ($1.86) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.75). The firm had revenue of $4.42 million for the quarter, compared to the consensus estimate of $5.36 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%. As a group, equities research analysts forecast that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Prothena

Several institutional investors have recently bought and sold shares of PRTA. Virtus ETF Advisers LLC grew its holdings in shares of Prothena by 19.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 833 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Prothena by 6.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,269 shares of the biotechnology company's stock valued at $381,000 after purchasing an additional 1,551 shares in the last quarter. Invesco Ltd. lifted its position in Prothena by 4.0% during the fourth quarter. Invesco Ltd. now owns 42,846 shares of the biotechnology company's stock valued at $593,000 after purchasing an additional 1,632 shares in the last quarter. XTX Topco Ltd lifted its position in Prothena by 19.9% during the fourth quarter. XTX Topco Ltd now owns 18,665 shares of the biotechnology company's stock valued at $259,000 after purchasing an additional 3,101 shares in the last quarter. Finally, Purkiss Capital Advisors LLC lifted its position in shares of Prothena by 15.1% in the second quarter. Purkiss Capital Advisors LLC now owns 24,904 shares of the biotechnology company's stock valued at $151,000 after acquiring an additional 3,275 shares in the last quarter. 97.08% of the stock is currently owned by hedge funds and other institutional investors.

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.