Analysts Set Prothena Co. plc (NASDAQ:PRTA) Target Price at $61.86

Shares of Prothena Co. plc (NASDAQ:PRTA) have been given an average rating of “Moderate Buy” by the seven analysts that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $61.86.

Several brokerages have recently weighed in on PRTA. StockNews.com upgraded Prothena from a “sell” rating to a “hold” rating in a report on Monday, August 12th. Royal Bank of Canada cut their price objective on shares of Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $84.00 price objective on shares of Prothena in a research report on Tuesday, October 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Prothena in a research report on Monday, September 30th. Finally, Oppenheimer cut their price objective on shares of Prothena from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th.

Institutional Investors Weigh In On Prothena

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Prothena by 5.1% during the first quarter. Vanguard Group Inc. now owns 1,125,283 shares of the biotechnology company’s stock valued at $27,873,000 after purchasing an additional 54,728 shares in the last quarter. Armistice Capital LLC raised its position in Prothena by 42.3% during the second 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 in the last quarter. SG Americas Securities LLC raised its position in Prothena by 226.4% during the second quarter. SG Americas Securities LLC now owns 54,572 shares of the biotechnology company’s stock valued at $1,126,000 after purchasing an additional 37,852 shares in the last quarter. Federated Hermes Inc. acquired a new position in Prothena during the second quarter valued at approximately $905,000. Finally, Duncan Williams Asset Management LLC acquired a new position in Prothena during the third quarter valued at approximately $816,000. 97.08% of the stock is currently owned by institutional investors and hedge funds.

Prothena Price Performance

Shares of NASDAQ PRTA opened at $17.11 on Friday. The stock has a market capitalization of $920.04 million, a price-to-earnings ratio of -5.26 and a beta of 0.17. The business has a 50-day moving average of $19.87 and a 200-day moving average of $21.03. Prothena has a fifty-two week low of $15.52 and a fifty-two week high of $45.93.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Thursday, August 8th. The biotechnology company reported $1.22 earnings per share for the quarter, beating the consensus estimate of ($1.01) by $2.23. The company had revenue of $132.01 million during the quarter, compared to analysts’ expectations of $10.73 million. Prothena had a negative return on equity of 9.00% and a negative net margin of 23.44%. Prothena’s revenue for the quarter was up 3184.7% compared to the same quarter last year. During the same quarter last year, the company earned ($1.03) EPS. On average, sell-side analysts expect that Prothena will post -2.34 EPS for the current year.

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.