Prothena (PRTA) Downgraded by Zacks Investment Research

Prothena (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Prothena is highly dependent on its collaboration partners for the development of its candidates. The company itself does not have enough resources to independently conduct studies on its candidates. Due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Hence, the company is heavily dependent on the success of its two candidates. Prothena currently has only one late-stage candidate, NEOD001. Apart from NEOD001, all candidates in its pipeline are in the early stages of development. Nevertheless, Prothena's license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive. The collaboration not only boosts Prothena’s pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. Shares have underpperformed the industry in the last six months.”

Other equities research analysts have also issued reports about the company. Jefferies Group restated a “buy” rating and set a $100.00 price objective on shares of Prothena in a research report on Monday, October 2nd. BTIG Research decreased their price objective on Prothena from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Friday, September 29th. Royal Bank of Canada began coverage on Prothena in a research report on Thursday, September 14th. They set an “outperform” rating and a $87.00 price objective for the company. SunTrust Banks restated a “buy” rating and set a $75.00 price objective on shares of Prothena in a research report on Monday, October 2nd. Finally, Cantor Fitzgerald restated a “buy” rating and set a $79.00 price objective on shares of Prothena in a research report on Thursday, September 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $75.58.

Shares of Prothena (NASDAQ:PRTA) traded down $1.07 during midday trading on Tuesday, reaching $36.60. The company’s stock had a trading volume of 302,200 shares, compared to its average volume of 324,880. Prothena has a 12-month low of $34.85 and a 12-month high of $70.00. The firm has a market cap of $1,400.00, a price-to-earnings ratio of -8.63 and a beta of 2.43.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($1.37) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.41) by $0.04. Prothena had a negative return on equity of 34.40% and a negative net margin of 562.19%. The firm had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.28 million. During the same period last year, the company posted ($1.26) EPS. The business’s quarterly revenue was down 33.6% compared to the same quarter last year. sell-side analysts expect that Prothena will post -4.27 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Woodford Investment Management Ltd raised its stake in shares of Prothena by 2.6% during the 2nd quarter. Woodford Investment Management Ltd now owns 11,400,424 shares of the biotechnology company’s stock worth $616,991,000 after purchasing an additional 294,213 shares in the last quarter. FMR LLC raised its stake in shares of Prothena by 0.7% in the 2nd quarter. FMR LLC now owns 5,699,234 shares of the biotechnology company’s stock valued at $308,443,000 after acquiring an additional 39,926 shares in the last quarter. BlackRock Inc. raised its stake in shares of Prothena by 7.8% in the 2nd quarter. BlackRock Inc. now owns 2,947,512 shares of the biotechnology company’s stock valued at $159,519,000 after acquiring an additional 213,578 shares in the last quarter. State Street Corp raised its stake in shares of Prothena by 10.6% in the 2nd quarter. State Street Corp now owns 1,181,365 shares of the biotechnology company’s stock valued at $63,932,000 after acquiring an additional 113,193 shares in the last quarter. Finally, Palo Alto Investors LLC raised its stake in shares of Prothena by 1.7% in the 2nd quarter. Palo Alto Investors LLC now owns 1,073,955 shares of the biotechnology company’s stock valued at $58,122,000 after acquiring an additional 18,100 shares in the last quarter.

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Prothena Company Profile

Prothena Corporation Public Limited Company is a global biotechnology company. The Company is focused on the discovery, development and commercialization of immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The Company’s clinical pipeline of antibody-based product candidates targets a range of indications, including Amyloid Light-chain (AL) amyloidosis (NEOD001), Parkinson’s disease and other related synucleinopathies (PRX002), and inflammatory diseases, including psoriasis and psoriatic arthritis (PRX003) and ATTR amyloidosis (PRX004).

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