Prothena (NASDAQ:PRTA) Given "Buy" Rating at HC Wainwright

Key Points

• HC Wainwright has reiterated a "buy" rating for Prothena's stock with a price target of $14.00, suggesting a potential upside of 101.73% from its current price.
• Prothena recently reported a quarterly earnings loss of ($1.12) EPS, which missed analyst expectations, despite a significant year-over-year revenue increase of 5500.0%.
• The biotechnology company has seen increased institutional investment, with 97.08% of its stock owned by institutional investors and hedge funds, reflecting growing confidence in its potential.

Prothena (NASDAQ:PRTA - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $14.00 target price on the biotechnology company's stock. HC Wainwright's price target would suggest a potential upside of 82.05% from the stock's previous close. HC Wainwright also issued estimates for Prothena's FY2025 earnings at ($4.13) EPS, FY2026 earnings at ($1.70) EPS, FY2027 earnings at ($5.22) EPS, FY2028 earnings at ($2.49) EPS and FY2029 earnings at ($3.34) EPS.

Several other analysts also recently issued reports on the stock. Piper Sandler cut their target price on shares of Prothena from $110.00 to $81.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 27th. JMP Securities cut their target price on shares of Prothena from $78.00 to $29.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 27th. Oppenheimer downgraded shares of Prothena from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 27th. Jefferies Financial Group downgraded shares of Prothena from a "buy" rating to a "hold" rating and set a $6.00 target price on the stock. in a research note on Tuesday, May 27th. Finally, Bank of America reissued an "underperform" rating on shares of Prothena in a research note on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $30.25.

Prothena Stock Performance

Shares of NASDAQ:PRTA traded down $0.03 on Tuesday, hitting $7.69. The company's stock had a trading volume of 921,204 shares, compared to its average volume of 973,183. Prothena has a 12 month low of $4.32 and a 12 month high of $23.66. The company has a market capitalization of $413.95 million, a price-to-earnings ratio of -1.36 and a beta of -0.03. The stock's 50-day moving average is $6.20 and its two-hundred day moving average is $9.67.

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

Institutional Trading of Prothena

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of Prothena by 1.3% in the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company's stock worth $64,344,000 after buying an additional 68,652 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Prothena by 11.5% during the 4th quarter. Vanguard Group Inc. now owns 1,403,838 shares of the biotechnology company's stock worth $19,443,000 after purchasing an additional 144,737 shares during the last quarter. Siren L.L.C. lifted its position in shares of Prothena by 16.7% during the 1st quarter. Siren L.L.C. now owns 1,283,555 shares of the biotechnology company's stock worth $15,884,000 after purchasing an additional 183,715 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Prothena during the 2nd quarter worth about $6,176,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Prothena by 1.3% during the 4th 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 last quarter. 97.08% of the stock is currently owned by institutional investors and hedge funds.

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.