Prothena (NASDAQ:PRTA) Trading Up 4.8% – Here’s Why

Prothena Co. plc (NASDAQ:PRTA)’s stock price rose 4.8% during mid-day trading on Wednesday . The stock traded as high as $13.20 and last traded at $13.25. Approximately 491,749 shares were traded during trading, an increase of 2% from the average daily volume of 483,168 shares. The stock had previously closed at $12.65.

Analysts Set New Price Targets

A number of research firms recently commented on PRTA. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Friday, February 21st. Oppenheimer lifted their price target on shares of Prothena from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Piper Sandler increased their price objective on shares of Prothena from $94.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, StockNews.com raised Prothena from a “sell” rating to a “hold” rating in a report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Prothena has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Prothena Stock Up 4.7 %

The company’s 50 day moving average price is $14.33 and its two-hundred day moving average price is $15.69. The firm has a market cap of $712.94 million, a PE ratio of -5.76 and a beta of -0.02.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.06). Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. The firm had revenue of $2.12 million during the quarter, compared to analysts’ expectations of $7.53 million. On average, analysts expect that Prothena Co. plc will post -4.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prothena

Hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Prothena by 8.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 122,492 shares of the biotechnology company’s stock worth $2,049,000 after buying an additional 9,666 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Prothena during the 3rd quarter worth $210,000. Dynamic Technology Lab Private Ltd bought a new stake in Prothena during the third quarter valued at about $432,000. The Manufacturers Life Insurance Company boosted its position in Prothena by 3.8% during the third quarter. The Manufacturers Life Insurance Company now owns 86,071 shares of the biotechnology company’s stock valued at $1,440,000 after purchasing an additional 3,163 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Prothena by 44.6% in the third quarter. BNP Paribas Financial Markets now owns 55,842 shares of the biotechnology company’s stock valued at $934,000 after purchasing an additional 17,230 shares during the last quarter. 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.