Prothena (NASDAQ:PRTA) Cut to Sell at StockNews.com

StockNews.com lowered shares of Prothena (NASDAQ:PRTA) from a hold rating to a sell rating in a report issued on Tuesday.

Several other analysts have also recently issued reports on the stock. Royal Bank of Canada cut their price target on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating on the stock in a report on Friday, August 9th. Oppenheimer reduced their price target on shares of Prothena from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a report on Monday, September 30th. Bank of America reduced their target price on Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Finally, HC Wainwright reissued a “buy” rating and set a $84.00 price target on shares of Prothena in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.86.

Prothena Trading Up 0.3 %

NASDAQ PRTA opened at $14.44 on Tuesday. The company’s fifty day simple moving average is $17.79 and its 200-day simple moving average is $20.16. The stock has a market cap of $777.02 million, a P/E ratio of -5.82 and a beta of 0.16. Prothena has a 52 week low of $13.22 and a 52 week high of $41.54.

Prothena (NASDAQ:PRTA) last announced its earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.08. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The business had revenue of $0.97 million for the quarter, compared to analyst estimates of $1.22 million. During the same period in the previous year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. On average, research analysts expect that Prothena will post -2.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Prothena

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Prothena by 14.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company’s stock worth $69,911,000 after acquiring an additional 539,359 shares during the period. Armistice Capital LLC lifted its holdings in Prothena by 42.3% in the second quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock worth $32,198,000 after purchasing an additional 464,000 shares during the period. Vanguard Group Inc. grew its position in Prothena by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 1,125,283 shares of the biotechnology company’s stock valued at $27,873,000 after buying an additional 54,728 shares in the last quarter. Artal Group S.A. increased its stake in Prothena by 99.7% during the 1st quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock valued at $24,804,000 after buying an additional 500,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Prothena by 1,122.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company’s stock worth $8,812,000 after buying an additional 483,673 shares in the last quarter. 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.