Prothena (NASDAQ:PRTA) Shares Cross Below 200-Day Moving Average - What's Next?

Key Points

• Prothena Corporation's stock has fallen below its two hundred day moving average of $9.24, trading as low as $8.32 on Thursday, with the last recorded price at $8.56.
• Recent earnings report showed Prothena had an EPS of ($1.86), missing estimates, and projections indicate a negative earnings outlook for the current fiscal year with an expected -4.04 EPS.
• Analysts have mixed ratings on Prothena, with a consensus rating of "Hold" and a target price averaging $30.25, despite significant downgrades from firms such as Jefferies, which set a target price of $6.00.

Prothena Corporation plc (NASDAQ:PRTA - Get Free Report) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.24 and traded as low as $8.32. Prothena shares last traded at $8.56, with a volume of 854,179 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JMP Securities lowered their target price on Prothena from $78.00 to $29.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 27th. Royal Bank Of Canada reduced their price target on Prothena from $18.00 to $10.00 and set a "sector perform" rating for the company in a research report on Tuesday, August 5th. HC Wainwright reaffirmed a "buy" rating and set a $14.00 price target on shares of Prothena in a research report on Tuesday, August 5th. Piper Sandler reduced their price target on Prothena from $110.00 to $81.00 and set an "overweight" rating for the company in a research report on Tuesday, May 27th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $18.00 price target on shares of Prothena in a research report on Tuesday, August 5th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $30.25.

Prothena Stock Performance

The firm has a fifty day moving average price of $7.00 and a 200 day moving average price of $9.08. The company has a market cap of $460.78 million, a price-to-earnings ratio of -1.52 and a beta of -0.03.

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

Institutional Investors Weigh In On Prothena

A number of large investors have recently added to or reduced their stakes in PRTA. Prospera Financial Services Inc acquired a new stake in shares of Prothena during the second quarter worth $61,000. Virtus ETF Advisers LLC lifted its holdings in shares of Prothena by 19.3% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company's stock worth $71,000 after buying an additional 833 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Prothena by 4,626.0% during the first quarter. GAMMA Investing LLC now owns 6,002 shares of the biotechnology company's stock worth $74,000 after buying an additional 5,875 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Prothena by 571.0% during the second quarter. Tower Research Capital LLC TRC now owns 12,709 shares of the biotechnology company's stock worth $77,000 after buying an additional 10,815 shares in the last quarter. Finally, Corton Capital Inc. acquired a new stake in shares of Prothena during the second quarter worth $85,000. 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.