Bank of America Cuts Prothena (NASDAQ:PRTA) Price Target to $22.00

Prothena (NASDAQ:PRTA) had its price target reduced by Bank of America from $26.00 to $22.00 in a report released on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the biotechnology company’s stock.

Several other equities analysts also recently commented on PRTA. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a report on Monday, September 30th. StockNews.com cut shares of Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $84.00 target price on shares of Prothena in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.29.

Prothena Stock Performance

Shares of NASDAQ:PRTA opened at $15.22 on Thursday. Prothena has a 52-week low of $11.70 and a 52-week high of $41.54. The company has a market capitalization of $818.97 million, a P/E ratio of -6.14 and a beta of 0.09. The company has a 50-day simple moving average of $15.69 and a 200 day simple moving average of $19.10.

Prothena (NASDAQ:PRTA) last released its quarterly earnings data on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.08. The company had revenue of $0.97 million during the quarter, compared to analysts’ expectations of $1.22 million. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The business’s revenue was down 98.9% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. As a group, equities analysts forecast that Prothena will post -2.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Signaturefd LLC grew its position in Prothena by 182.1% during the second quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock worth $28,000 after buying an additional 863 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Prothena by 13.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 1,186 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Prothena by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock worth $173,000 after purchasing an additional 4,026 shares during the period. Intech Investment Management LLC acquired a new position in Prothena in the third quarter valued at about $210,000. Finally, XTX Topco Ltd bought a new stake in Prothena during the third quarter worth about $260,000. 97.08% of the stock is owned by institutional investors.

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.