Prothena (NASDAQ:PRTA) Trading Down 3.6% – What’s Next?

Prothena Co. plc (NASDAQ:PRTA)’s share price fell 3.6% during mid-day trading on Wednesday . The company traded as low as $13.53 and last traded at $13.53. 158,950 shares changed hands during trading, a decline of 72% from the average session volume of 574,411 shares. The stock had previously closed at $14.04.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PRTA shares. StockNews.com lowered Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Bank of America dropped their price objective on Prothena from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a report on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $84.00 price target on shares of Prothena in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Prothena has a consensus rating of “Hold” and an average target price of $61.83.

Prothena Price Performance

The business has a 50-day moving average price of $15.89 and a two-hundred day moving average price of $19.26. The firm has a market cap of $691.45 million, a PE ratio of -5.18 and a beta of 0.09.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.18) by $0.08. Prothena had a negative net margin of 98.86% and a negative return on equity of 24.19%. The company had revenue of $0.97 million for the quarter, compared to the consensus estimate of $1.22 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was down 98.9% compared to the same quarter last year. Equities analysts expect that Prothena Co. plc will post -2.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prothena

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Prothena by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 165,423 shares of the biotechnology company’s stock worth $3,414,000 after buying an additional 19,578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Prothena by 13.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,236 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 1,186 shares during the last quarter. Signaturefd LLC grew its holdings in Prothena by 182.1% in the second quarter. Signaturefd LLC now owns 1,337 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 863 shares during the period. Focused Wealth Management Inc grew its holdings in Prothena by 98.7% in the second quarter. Focused Wealth Management Inc now owns 20,129 shares of the biotechnology company’s stock valued at $415,000 after purchasing an additional 10,000 shares during the period. Finally, Rhumbline Advisers increased its position in Prothena by 9.9% during the second quarter. Rhumbline Advisers now owns 69,756 shares of the biotechnology company’s stock worth $1,440,000 after purchasing an additional 6,256 shares during the last quarter. 97.08% of the stock is owned by institutional investors and hedge funds.

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.