Bank of America Reiterates "Underperform" Rating for Prothena (NASDAQ:PRTA)

Bank of America restated their underperform rating on shares of Prothena (NASDAQ:PRTA - Free Report) in a research report report published on Wednesday morning, MarketBeat reports.

A number of other brokerages also recently issued reports on PRTA. Oppenheimer downgraded shares of Prothena from an "outperform" rating to a "market perform" rating in a report on Tuesday. Wall Street Zen upgraded shares of Prothena from a "sell" rating to a "hold" rating in a report on Monday, February 24th. Piper Sandler dropped their target price on shares of Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a report on Tuesday. HC Wainwright dropped their target price on shares of Prothena from $30.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Chardan Capital dropped their target price on shares of Prothena from $40.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Prothena presently has an average rating of "Hold" and an average price target of $31.50.

Prothena Stock Down 2.3%

PRTA traded down $0.11 during trading on Wednesday, reaching $4.59. The company's stock had a trading volume of 1,963,387 shares, compared to its average volume of 686,990. The firm has a fifty day simple moving average of $8.88 and a two-hundred day simple moving average of $12.48. The company has a market cap of $247.07 million, a price-to-earnings ratio of -2.00 and a beta of 0.11. Prothena has a 1 year low of $4.32 and a 1 year high of $25.42.

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

Hedge Funds Weigh In On Prothena

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its stake in shares of Prothena by 167.0% in the fourth quarter. SG Americas Securities LLC now owns 37,612 shares of the biotechnology company's stock worth $521,000 after acquiring an additional 23,525 shares in the last quarter. Barclays PLC lifted its position in shares of Prothena by 10.6% during the 4th quarter. Barclays PLC now owns 105,338 shares of the biotechnology company's stock worth $1,458,000 after purchasing an additional 10,116 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Prothena by 195.7% during the 4th quarter. Deutsche Bank AG now owns 95,970 shares of the biotechnology company's stock worth $1,329,000 after purchasing an additional 63,512 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Prothena during the 4th quarter worth $1,117,000. Finally, Rhumbline Advisers lifted its position in shares of Prothena by 1.8% during the 4th quarter. Rhumbline Advisers now owns 67,115 shares of the biotechnology company's stock worth $930,000 after purchasing an additional 1,175 shares during the last quarter. Institutional investors and hedge funds 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.