Prothena (NASDAQ:PRTA) Earns Buy Rating from Chardan Capital

Prothena (NASDAQ:PRTA - Get Free Report)'s stock had its "buy" rating reaffirmed by Chardan Capital in a research report issued on Friday,Benzinga reports. They currently have a $40.00 price target on the biotechnology company's stock. Chardan Capital's price objective suggests a potential upside of 483.94% from the company's current price.

A number of other equities research analysts have also recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Prothena from $94.00 to $110.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Cantor Fitzgerald reissued an "overweight" rating on shares of Prothena in a research note on Friday, February 21st. Royal Bank of Canada decreased their price target on shares of Prothena from $24.00 to $20.00 and set a "sector perform" rating for the company in a report on Friday, February 21st. Oppenheimer boosted their price objective on Prothena from $58.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Finally, HC Wainwright restated a "buy" rating and issued a $48.00 target price on shares of Prothena in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Prothena currently has an average rating of "Moderate Buy" and a consensus price target of $51.71.

Prothena Stock Performance

Prothena stock traded down $0.74 during trading hours on Friday, reaching $6.85. 1,463,782 shares of the stock were exchanged, compared to its average volume of 579,038. Prothena has a 52-week low of $6.82 and a 52-week high of $25.42. The firm's 50 day moving average is $10.80 and its 200 day moving average is $13.47. The stock has a market cap of $368.71 million, a P/E ratio of -2.98 and a beta of 0.11.

Prothena (NASDAQ:PRTA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.12) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $2.83 million for the quarter, compared to analysts' expectations of $8.18 million. During the same quarter in the previous year, the company earned ($1.34) earnings per share. The company's revenue was up 5500.0% on a year-over-year basis. Equities research analysts expect that Prothena will post -4.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Prothena

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in Prothena by 1.3% in the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock valued at $64,344,000 after acquiring an additional 68,652 shares in the last quarter. Vanguard Group Inc. raised its position in Prothena by 11.5% in the fourth 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 during the period. Dimensional Fund Advisors LP boosted its position in shares of Prothena by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 864,833 shares of the biotechnology company's stock worth $11,980,000 after purchasing an additional 10,783 shares during the period. Federated Hermes Inc. grew its position in shares of Prothena by 84.3% during the fourth quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company's stock worth $10,335,000 after purchasing an additional 341,274 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new stake in Prothena in the 4th quarter worth $9,556,000. Institutional investors 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.