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 target trimmed by Royal Bank Of Canada from $18.00 to $10.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the biotechnology company's stock.

PRTA has been the subject of a number of other reports. Piper Sandler cut their target price on Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a research note on Tuesday, May 27th. HC Wainwright restated a "buy" rating and set a $14.00 target price on shares of Prothena in a report on Tuesday. Bank of America reiterated an "underperform" rating on shares of Prothena in a report on Wednesday, May 28th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Prothena in a report on Friday, June 20th. Finally, Oppenheimer cut Prothena from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $30.25.

Prothena Stock Down 3.9%

Shares of PRTA stock traded down $0.31 during trading hours on Tuesday, reaching $7.62. 142,814 shares of the company's stock were exchanged, compared to its average volume of 1,058,507. Prothena has a fifty-two week low of $4.32 and a fifty-two week high of $23.66. The stock has a market capitalization of $409.92 million, a P/E ratio of -1.36 and a beta of -0.03. The business has a fifty day moving average price of $6.07 and a 200-day moving average price of $9.76.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The biotechnology company reported ($1.86) EPS 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 for the quarter, compared to analyst estimates of $5.36 million. As a group, research analysts expect that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new position in shares of Prothena during the 2nd quarter worth approximately $6,176,000. Los Angeles Capital Management LLC bought a new position in shares of Prothena during the 2nd quarter worth approximately $101,000. Prospera Financial Services Inc bought a new position in shares of Prothena during the 2nd quarter worth approximately $61,000. Corton Capital Inc. bought a new stake in Prothena in the 2nd quarter valued at $85,000. Finally, Purkiss Capital Advisors LLC boosted its stake in Prothena by 15.1% in the 2nd quarter. Purkiss Capital Advisors LLC now owns 24,904 shares of the biotechnology company's stock valued at $151,000 after purchasing an additional 3,275 shares during the period. Institutional investors and hedge funds own 97.08% of the company's stock.

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.