Chardan Capital Reaffirms Buy Rating for Prothena (NASDAQ:PRTA)

Prothena (NASDAQ:PRTA - Get Free Report)'s stock had its "buy" rating reiterated by Chardan Capital in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $40.00 price target on the biotechnology company's stock. Chardan Capital's price target would indicate a potential upside of 425.62% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $48.00 price objective on shares of Prothena in a research note on Friday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Prothena in a research note on Friday, February 21st. Royal Bank of Canada cut their price objective on shares of Prothena from $24.00 to $20.00 and set a "sector perform" rating on the stock in a research report on Friday, February 21st. Oppenheimer boosted their price target on shares of Prothena from $58.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Finally, StockNews.com upgraded shares of Prothena from a "sell" rating to a "hold" rating in a research note on Monday, February 24th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.71.

Prothena Stock Up 2.4%

Shares of PRTA stock traded up $0.18 during mid-day trading on Friday, reaching $7.61. The company's stock had a trading volume of 1,424,973 shares, compared to its average volume of 569,167. Prothena has a 12-month low of $6.92 and a 12-month high of $25.42. The firm has a market capitalization of $409.62 million, a PE ratio of -3.31 and a beta of 0.11. The company's 50 day simple moving average is $10.95 and its 200-day simple moving average is $13.51.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings data 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). Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. The business had revenue of $2.83 million during the quarter, compared to the consensus estimate of $8.18 million. During the same period last year, the company earned ($1.34) earnings per share. The business's quarterly revenue was up 5500.0% compared to the same quarter last year. As a group, research analysts anticipate that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Trading of Prothena

A number of institutional investors have recently modified their holdings of the business. Nuveen LLC purchased a new stake in shares of Prothena during the 1st quarter valued at approximately $1,856,000. Chicago Partners Investment Group LLC lifted its stake in shares of Prothena by 29.6% during the 1st quarter. Chicago Partners Investment Group LLC now owns 14,512 shares of the biotechnology company's stock valued at $180,000 after buying an additional 3,315 shares in the last quarter. DCF Advisers LLC increased its holdings in Prothena by 88.4% during the 1st quarter. DCF Advisers LLC now owns 195,000 shares of the biotechnology company's stock worth $2,413,000 after acquiring an additional 91,500 shares during the period. Purkiss Capital Advisors LLC increased its holdings in Prothena by 101.6% during the 1st quarter. Purkiss Capital Advisors LLC now owns 21,629 shares of the biotechnology company's stock worth $268,000 after acquiring an additional 10,900 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Prothena during the 1st quarter worth approximately $126,000. 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.