Prothena (NASDAQ:PRTA) Releases Earnings Results, Beats Expectations By $0.91 EPS

Key Points

• Prothena reported quarterly earnings of $0.60 EPS, beating analyst expectations of -$0.31 by $0.91. Revenue also came in far above forecasts at $51.08 million versus expectations of just $0.81 million.
• The stock rose after the report, trading up to $10.73 on Friday with volume well above average. Prothena has a market cap of about $577.6 million and shares have ranged from $4.32 to $11.80 over the past year.
• Wall Street remains cautious overall, with a consensus Hold rating and an average target price of $21.78. Analyst opinions are mixed, with several Buy/Outperform calls but also some Hold and Sell ratings.

Prothena (NASDAQ:PRTA - Get Free Report) announced its earnings results on Thursday. The biotechnology company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.91, FiscalAI reports. Prothena had a negative net margin of 260.92% and a negative return on equity of 43.90%. The firm had revenue of $51.08 million for the quarter, compared to analysts' expectations of $0.81 million.

Prothena Stock Performance

Shares of PRTA traded up $0.21 during trading hours on Friday, hitting $10.73. The company had a trading volume of 798,669 shares, compared to its average volume of 389,066. The firm has a fifty day moving average price of $9.92 and a 200-day moving average price of $9.81. The stock has a market capitalization of $577.60 million, a price-to-earnings ratio of -3.80, a P/E/G ratio of 0.38 and a beta of -0.23. Prothena has a 52-week low of $4.32 and a 52-week high of $11.80.

Wall Street Analysts Forecast Growth

PRTA has been the topic of a number of research reports. Stifel Nicolaus set a $19.00 target price on shares of Prothena in a report on Friday, March 13th. Citigroup restated an "outperform" rating on shares of Prothena in a report on Friday. Royal Bank Of Canada boosted their target price on shares of Prothena from $11.00 to $12.00 and gave the company a "sector perform" rating in a report on Friday, February 20th. Weiss Ratings cut shares of Prothena from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, April 27th. Finally, Citizens Jmp boosted their target price on shares of Prothena from $19.00 to $20.00 and gave the company a "market outperform" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Prothena currently has a consensus rating of "Hold" and a consensus target price of $21.78.

Hedge Funds Weigh In On Prothena

Several large investors have recently modified their holdings of the stock. Intech Investment Management LLC raised its position in shares of Prothena by 5.5% in the 3rd quarter. Intech Investment Management LLC now owns 19,388 shares of the biotechnology company's stock worth $189,000 after purchasing an additional 1,014 shares during the last quarter. Brooklyn Investment Group raised its position in shares of Prothena by 13.1% in the 3rd quarter. Brooklyn Investment Group now owns 12,569 shares of the biotechnology company's stock worth $123,000 after purchasing an additional 1,456 shares during the last quarter. Deutsche Bank AG raised its position in shares of Prothena by 5.1% in the 4th quarter. Deutsche Bank AG now owns 35,482 shares of the biotechnology company's stock worth $339,000 after purchasing an additional 1,709 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Prothena by 3.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 81,515 shares of the biotechnology company's stock worth $779,000 after purchasing an additional 2,968 shares during the last quarter. Finally, Virtus Investment Advisers LLC raised its position in Prothena by 14.4% in the 4th quarter. Virtus Investment Advisers LLC now owns 25,679 shares of the biotechnology company's stock worth $245,000 after buying an additional 3,236 shares during the last quarter. Hedge funds and other institutional investors own 97.08% of the company's stock.

Prothena Company Profile

Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.

The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.

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