Prothena (NASDAQ:PRTA) Rating Lowered to “Underperform” at Bank of America

Prothena (NASDAQ:PRTA) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Wednesday,Briefing.com Automated Import reports.

A number of other research analysts have also recently issued reports on the stock. JMP Securities decreased their price objective on shares of Prothena from $78.00 to $29.00 and set a “market outperform” rating for the company in a report on Tuesday. 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 report on Tuesday. Piper Sandler cut their price target on shares of Prothena from $110.00 to $81.00 and set an “overweight” rating for the company in a research note on Tuesday. Royal Bank of Canada cut their price target on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating for the company in a research note on Friday, February 21st. Finally, Cantor Fitzgerald lowered shares of Prothena from an “overweight” rating to a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.25.

Prothena Trading Down 30.4%

NASDAQ:PRTA opened at $4.58 on Wednesday. Prothena has a 1 year low of $4.45 and a 1 year high of $25.42. The firm’s fifty day simple moving average is $9.38 and its 200 day simple moving average is $12.72. The firm has a market capitalization of $246.53 million, a PE ratio of -1.99 and a beta of 0.11.

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

Institutional Investors Weigh In On Prothena

A number of institutional investors and hedge funds have recently modified their holdings of PRTA. Wellington Management Group LLP raised its stake in Prothena by 22.8% in the fourth quarter. Wellington Management Group LLP now owns 5,130,876 shares of the biotechnology company’s stock valued at $71,063,000 after purchasing an additional 952,088 shares in the last quarter. Boxer Capital Management LLC purchased a new position in shares of Prothena in the 4th quarter worth about $9,556,000. Federated Hermes Inc. raised its position in Prothena by 84.3% in the 4th quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company’s stock worth $10,335,000 after buying an additional 341,274 shares during the last quarter. Finepoint Capital LP grew its stake in shares of Prothena by 51.6% during the 4th quarter. Finepoint Capital LP now owns 657,071 shares of the biotechnology company’s stock valued at $9,100,000 after purchasing an additional 223,600 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Prothena by 93.7% during the 4th quarter. JPMorgan Chase & Co. now owns 387,350 shares of the biotechnology company’s stock valued at $5,365,000 after purchasing an additional 187,364 shares during the period. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.