Chardan Capital Reiterates “Buy” Rating for Prothena (NASDAQ:PRTA)

Prothena (NASDAQ:PRTA)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research report issued on Friday,Benzinga reports. They presently have a $40.00 price objective on the biotechnology company’s stock. Chardan Capital’s target price would suggest a potential upside of 438.36% from the stock’s current price.

A number of other research analysts have also issued reports on the company. Piper Sandler boosted their target price on Prothena from $94.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and issued a $48.00 price objective on shares of Prothena in a research note on Friday, February 21st. StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research note on Monday, February 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Friday, February 21st. Finally, Oppenheimer raised their price objective on shares of Prothena from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.71.

Prothena Price Performance

Shares of NASDAQ:PRTA opened at $7.43 on Friday. Prothena has a 1-year low of $6.92 and a 1-year high of $25.42. The stock has a market cap of $399.93 million, a P/E ratio of -3.23 and a beta of 0.11. The firm has a fifty day moving average price of $11.10 and a 200 day moving average price of $13.58.

Prothena (NASDAQ:PRTA) last announced its 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 for the quarter, compared to analyst estimates of $8.18 million. Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. Prothena’s quarterly revenue was up 5500.0% on a year-over-year basis. During the same quarter last year, the company posted ($1.34) EPS. Sell-side analysts expect that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Trading of Prothena

Institutional investors have recently added to or reduced their stakes in the stock. Virtus ETF Advisers LLC increased its holdings in Prothena by 19.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 833 shares in the last quarter. GAMMA Investing LLC increased its position 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 raised its stake in shares of Prothena by 196.5% during the 4th quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company’s stock worth $102,000 after buying an additional 4,858 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Prothena in the 1st quarter worth about $126,000. Finally, Teacher Retirement System of Texas acquired a new stake in Prothena in the 4th quarter valued at about $145,000. Hedge funds and other institutional investors 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.