JMP Securities Cuts Prothena (NASDAQ:PRTA) Price Target to $29.00

Prothena (NASDAQ:PRTA) had its price target lowered by JMP Securities from $78.00 to $29.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the biotechnology company’s stock.

PRTA has been the subject of a number of other reports. Piper Sandler lifted their price target on shares of Prothena from $94.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Wall Street Zen upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday, February 24th. HC Wainwright dropped their price objective on shares of Prothena from $30.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday. Oppenheimer cut shares of Prothena from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, Royal Bank of Canada dropped their price objective on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating for the company in a report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.13.

Prothena Price Performance

NASDAQ:PRTA opened at $4.79 on Tuesday. The company’s fifty day moving average price is $9.54 and its 200-day moving average price is $12.77. Prothena has a 1-year low of $4.49 and a 1-year high of $25.42. The firm has a market capitalization of $257.94 million, a P/E ratio of -2.86 and a beta of 0.11.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.20). Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. The company had revenue of $2.83 million for the quarter, compared to analysts’ expectations of $8.18 million. During the same period in the previous year, the business earned ($1.34) earnings per share. The business’s revenue for the quarter was up 5500.0% on a year-over-year basis. Equities analysts anticipate that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Virtus ETF Advisers LLC lifted its stake in Prothena by 19.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 833 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Prothena by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,409 shares of the biotechnology company’s stock worth $158,000 after acquiring an additional 1,065 shares during the last quarter. Rhumbline Advisers lifted its stake in Prothena by 1.8% in the fourth quarter. Rhumbline Advisers now owns 67,115 shares of the biotechnology company’s stock worth $930,000 after acquiring an additional 1,175 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Prothena by 6.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,269 shares of the biotechnology company’s stock worth $381,000 after acquiring an additional 1,551 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Prothena by 4.0% in the fourth quarter. Invesco Ltd. now owns 42,846 shares of the biotechnology company’s stock worth $593,000 after acquiring an additional 1,632 shares during the last quarter. Hedge funds and other 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.