Prothena (NASDAQ:PRTA) Stock Price Up 7.8% – Here’s What Happened

Prothena Co. plc (NASDAQ:PRTA)’s stock price shot up 7.8% during trading on Tuesday . The company traded as high as $13.67 and last traded at $13.59. 373,840 shares changed hands during trading, a decline of 35% from the average session volume of 573,232 shares. The stock had previously closed at $12.61.

Analysts Set New Price Targets

Several analysts have commented on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a research note on Monday, September 30th. HC Wainwright restated a “buy” rating and issued a $84.00 price objective on shares of Prothena in a research note on Wednesday, November 13th. Bank of America decreased their target price on shares of Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, StockNews.com cut shares of Prothena from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Prothena currently has an average rating of “Hold” and a consensus target price of $60.33.

Prothena Stock Up 34.0 %

The stock has a market cap of $861.48 million, a PE ratio of -6.46 and a beta of 0.09. The firm’s fifty day moving average price is $15.74 and its 200 day moving average price is $19.17.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings data on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share for the quarter, beating 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 firm had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.22 million. During the same quarter last year, the business posted $0.38 earnings per share. The business’s quarterly revenue was down 98.9% compared to the same quarter last year. As a group, analysts anticipate that Prothena Co. plc will post -2.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prothena

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position in shares of Prothena by 14.8% during the 3rd quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company’s stock valued at $69,911,000 after buying an additional 539,359 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Prothena by 1,122.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company’s stock valued at $8,812,000 after purchasing an additional 483,673 shares during the period. Armistice Capital LLC lifted its stake in shares of Prothena by 42.3% in the 2nd quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock valued at $32,198,000 after purchasing an additional 464,000 shares during the last quarter. Barclays PLC increased its position in shares of Prothena by 110.2% during the 3rd quarter. Barclays PLC now owns 95,222 shares of the biotechnology company’s stock valued at $1,592,000 after purchasing an additional 49,916 shares during the last quarter. Finally, Duncan Williams Asset Management LLC purchased a new stake in Prothena during the 3rd quarter valued at $816,000. 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.