Prothena (NASDAQ:PRTA) Shares Pass Below 200 Day Moving Average - Here's Why

Prothena Corporation plc (NASDAQ:PRTA - Get Free Report)'s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.99 and traded as low as $6.21. Prothena shares last traded at $6.47, with a volume of 636,811 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Prothena in a research note on Friday, June 20th. Jefferies Financial Group cut shares of Prothena from a "buy" rating to a "hold" rating and set a $6.00 target price for the company. in a research note on Tuesday, May 27th. Bank of America reaffirmed an "underperform" rating on shares of Prothena in a research report on Wednesday, May 28th. Oppenheimer cut shares of Prothena from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 27th. Finally, Chardan Capital lowered their target price on Prothena from $40.00 to $18.00 and set a "buy" rating for the company in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Prothena currently has a consensus rating of "Hold" and a consensus price target of $31.50.

Prothena Stock Down 2.2%

The business has a 50 day moving average of $6.33 and a 200 day moving average of $10.84. The company has a market capitalization of $338.59 million, a P/E ratio of -3.02 and a beta of 0.01.

Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $2.83 million during the quarter, compared to analysts' expectations of $8.18 million. Prothena had a negative return on equity of 21.61% and a negative net margin of 79.94%. The company's quarterly revenue was up 5500.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.34) earnings per share. On average, research analysts anticipate that Prothena Corporation plc will post -4.04 EPS for the current year.

Hedge Funds Weigh In On Prothena

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtus ETF Advisers LLC lifted its stake in 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 purchasing an additional 833 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Prothena by 4,626.0% in the first quarter. GAMMA Investing LLC now owns 6,002 shares of the biotechnology company's stock valued at $74,000 after buying an additional 5,875 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of Prothena by 196.5% in the fourth quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company's stock valued at $102,000 after buying an additional 4,858 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Prothena in the first quarter valued at $126,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Prothena in the fourth quarter valued at $145,000. Institutional investors and hedge funds own 97.08% of the company's stock.

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.