Royal Bank Of Canada Issues Positive Forecast for Prothena (NASDAQ:PRTA) Stock Price

Prothena (NASDAQ:PRTA) had its target price raised by research analysts at Royal Bank Of Canada from $10.00 to $11.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 4.07% from the stock’s previous close.

PRTA has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prothena in a research report on Wednesday. Piper Sandler increased their target price on shares of Prothena from $15.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. UBS Group set a $36.00 target price on shares of Prothena in a research report on Tuesday, October 28th. Chardan Capital restated a “buy” rating and set a $18.00 price target on shares of Prothena in a research report on Thursday, August 28th. Finally, JMP Securities reduced their price objective on Prothena from $29.00 to $11.00 and set a “market outperform” rating on the stock in a research note on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $25.78.

Prothena Price Performance

NASDAQ PRTA traded up $0.49 during trading hours on Friday, reaching $10.57. 708,297 shares of the stock traded hands, compared to its average volume of 979,745. The stock has a 50 day simple moving average of $9.44 and a two-hundred day simple moving average of $7.81. Prothena has a 1 year low of $4.32 and a 1 year high of $18.60. The company has a market cap of $568.98 million, a price-to-earnings ratio of -1.87 and a beta of -0.09.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.08). The firm had revenue of $2.42 million for the quarter, compared to the consensus estimate of $6.64 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%. On average, sell-side analysts forecast that Prothena will post -4.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Prothena

A number of hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Prothena by 1.3% during the first quarter. Wellington Management Group LLP now owns 5,199,528 shares of the biotechnology company’s stock valued at $64,344,000 after acquiring an additional 68,652 shares during the last quarter. Armistice Capital LLC increased its holdings in Prothena by 1.8% during the 2nd quarter. Armistice Capital LLC now owns 2,236,000 shares of the biotechnology company’s stock valued at $13,573,000 after purchasing an additional 40,000 shares during the period. Siren L.L.C. raised its position in Prothena by 16.7% during the 1st quarter. Siren L.L.C. now owns 1,283,555 shares of the biotechnology company’s stock valued at $15,884,000 after purchasing an additional 183,715 shares during the last quarter. Federated Hermes Inc. raised its position in Prothena by 116.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,181,087 shares of the biotechnology company’s stock valued at $7,169,000 after purchasing an additional 634,832 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Prothena in the 2nd quarter worth approximately $6,176,000. 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.