Prothena (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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.”
Several other analysts have also weighed in on PRTA. Royal Bank of Canada started coverage on Prothena in a report on Thursday, September 14th. They set an “outperform” rating and a $87.00 price objective on the stock. Cantor Fitzgerald reissued a “buy” rating and set a $79.00 price objective on shares of Prothena in a report on Thursday, September 28th. BTIG Research decreased their price objective on Prothena from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Friday, September 29th. SunTrust Banks restated a “buy” rating and set a $75.00 target price on shares of Prothena in a research report on Monday, October 2nd. Finally, Jefferies Group restated a “buy” rating and set a $100.00 target price on shares of Prothena in a research report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twelve have given a buy rating to the company’s stock. Prothena currently has a consensus rating of “Buy” and a consensus target price of $75.58.
Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($1.37) earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $0.19 million for the quarter, compared to analyst estimates of $0.28 million. During the same quarter last year, the firm earned ($1.26) EPS. Prothena’s revenue for the quarter was down 33.6% compared to the same quarter last year. sell-side analysts forecast that Prothena will post -4.27 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in PRTA. Bank of Montreal Can raised its position in shares of Prothena by 6.7% during the second quarter. Bank of Montreal Can now owns 1,858 shares of the biotechnology company’s stock worth $100,000 after acquiring an additional 117 shares during the last quarter. Quantbot Technologies LP grew its stake in shares of Prothena by 672.7% during the second quarter. Quantbot Technologies LP now owns 1,870 shares of the biotechnology company’s stock worth $101,000 after purchasing an additional 1,628 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Prothena by 187.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,375 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 1,549 shares during the period. Strs Ohio grew its stake in shares of Prothena by 69.2% during the third quarter. Strs Ohio now owns 2,200 shares of the biotechnology company’s stock worth $142,000 after purchasing an additional 900 shares during the period. Finally, Fieldpoint Private Securities LLC acquired a new stake in shares of Prothena during the third quarter worth $162,000.
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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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