Royal Bank Of Canada Has Lowered Expectations for Prothena (NASDAQ:PRTA) Stock Price

Key Points

• Analysts at Royal Bank Of Canada have cut Prothena's price target from $18.00 to $10.00, indicating a potential upside of 34.03% from the stock's previous close.
• Prothena shares recently traded up 7.5%, reaching $7.46, with the company's stock displaying significant volatility over the past year.
• The majority of analysts currently rate Prothena's stock as a hold, with one sell rating, five hold ratings, and four buy ratings, reflecting mixed sentiments in the market.

Prothena (NASDAQ:PRTA - Free Report) had its price objective lowered by Royal Bank Of Canada from $18.00 to $10.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the biotechnology company's stock.

A number of other equities research analysts also recently weighed in on the company. Oppenheimer downgraded Prothena from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 27th. Chardan Capital reiterated a "buy" rating and issued a $18.00 price target on shares of Prothena in a research note on Tuesday. Bank of America reiterated an "underperform" rating on shares of Prothena in a research note on Wednesday, May 28th. Jefferies Financial Group cut Prothena from a "buy" rating to a "hold" rating and set a $6.00 price target for the company. in a research note on Tuesday, May 27th. Finally, Cantor Fitzgerald reiterated a "neutral" rating on shares of Prothena in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $30.25.

Prothena Price Performance

NASDAQ:PRTA traded down $0.03 during trading hours on Tuesday, reaching $7.69. 921,204 shares of the company were exchanged, compared to its average volume of 973,183. The company has a market capitalization of $413.95 million, a P/E ratio of -1.36 and a beta of -0.03. Prothena has a 1-year low of $4.32 and a 1-year high of $23.66. The business has a 50 day moving average of $6.20 and a 200 day moving average of $9.64.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in shares of Prothena in the 4th quarter worth about $182,000. American Century Companies Inc. raised its position in shares of Prothena by 66.1% in the 4th quarter. American Century Companies Inc. now owns 30,399 shares of the biotechnology company's stock worth $421,000 after acquiring an additional 12,097 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Prothena in the 4th quarter worth about $179,000. Vanguard Group Inc. raised its position in shares of Prothena by 11.5% in the 4th quarter. Vanguard Group Inc. now owns 1,403,838 shares of the biotechnology company's stock worth $19,443,000 after acquiring an additional 144,737 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Prothena by 93.7% in the 4th quarter. JPMorgan Chase & Co. now owns 387,350 shares of the biotechnology company's stock worth $5,365,000 after acquiring an additional 187,364 shares in the last quarter. 97.08% of the stock is owned by 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.