HC Wainwright Has Weak Outlook for Prothena FY2024 Earnings

Prothena Co. plc (NASDAQ:PRTA) – Research analysts at HC Wainwright decreased their FY2024 earnings per share estimates for shares of Prothena in a note issued to investors on Wednesday, November 13th. HC Wainwright analyst A. Fein now forecasts that the biotechnology company will post earnings per share of ($2.26) for the year, down from their prior estimate of ($2.23). HC Wainwright currently has a “Buy” rating and a $84.00 target price on the stock. The consensus estimate for Prothena’s current full-year earnings is ($2.29) per share. HC Wainwright also issued estimates for Prothena’s FY2025 earnings at ($0.38) EPS, FY2026 earnings at ($1.07) EPS and FY2027 earnings at ($1.15) EPS.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating on shares of Prothena in a research report on Monday, September 30th. Royal Bank of Canada decreased their price objective on Prothena from $28.00 to $24.00 and set a “sector perform” rating on the stock in a report on Friday, August 9th. Oppenheimer dropped their target price on Prothena from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, August 14th. StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday, August 12th. Finally, Bank of America lowered their price objective on shares of Prothena from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Prothena presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.86.

Prothena Stock Performance

NASDAQ PRTA opened at $13.51 on Monday. Prothena has a 52-week low of $13.45 and a 52-week high of $41.54. The company has a fifty day moving average of $18.05 and a 200-day moving average of $20.27. The company has a market capitalization of $726.97 million, a P/E ratio of -5.45 and a beta of 0.16.

Prothena (NASDAQ:PRTA) last announced its 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. The business had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.22 million. Prothena had a negative net margin of 98.86% and a negative return on equity of 24.19%. Prothena’s revenue for the quarter was down 98.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share.

Hedge Funds Weigh In On Prothena

A number of large investors have recently bought and sold shares of PRTA. Wellington Management Group LLP grew its holdings in shares of Prothena by 14.8% in the third quarter. Wellington Management Group LLP now owns 4,178,788 shares of the biotechnology company’s stock worth $69,911,000 after purchasing an additional 539,359 shares during the last quarter. Artal Group S.A. raised its holdings in Prothena by 99.7% during the 1st quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock valued at $24,804,000 after buying an additional 500,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Prothena by 1,122.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company’s stock valued at $8,812,000 after buying an additional 483,673 shares during the period. Armistice Capital LLC grew its holdings in Prothena by 42.3% in the 2nd quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock worth $32,198,000 after acquiring an additional 464,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Prothena by 5.1% in the first quarter. Vanguard Group Inc. now owns 1,125,283 shares of the biotechnology company’s stock valued at $27,873,000 after acquiring an additional 54,728 shares during the period. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.