Chardan Capital Reaffirms Buy Rating for Prothena (NASDAQ:PRTA)

Chardan Capital restated their buy rating on shares of Prothena (NASDAQ:PRTA) in a report published on Friday,Benzinga reports. The firm currently has a $40.00 price target on the biotechnology company’s stock.

Several other equities research analysts also recently issued reports on PRTA. HC Wainwright reaffirmed a “buy” rating and issued a $48.00 price target on shares of Prothena in a research report on Friday, February 21st. Piper Sandler raised their target price on Prothena from $94.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Prothena in a report on Friday, February 21st. Oppenheimer raised their price objective on shares of Prothena from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, StockNews.com raised shares of Prothena from a “sell” rating to a “hold” rating in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.71.

Prothena Stock Performance

Shares of PRTA stock opened at $7.43 on Friday. The company has a market capitalization of $399.93 million, a price-to-earnings ratio of -3.23 and a beta of 0.11. The stock’s 50 day simple moving average is $11.10 and its 200 day simple moving average is $13.60. Prothena has a twelve month low of $6.92 and a twelve month high of $25.42.

Prothena (NASDAQ:PRTA) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.20). Prothena had a negative net margin of 90.50% and a negative return on equity of 22.67%. The firm had revenue of $2.83 million during the quarter, compared to the consensus estimate of $8.18 million. During the same period in the prior year, the business earned ($1.34) EPS. The company’s revenue for the quarter was up 5500.0% compared to the same quarter last year. On average, analysts forecast that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Prothena

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Prothena by 22.8% in the 4th quarter. Wellington Management Group LLP now owns 5,130,876 shares of the biotechnology company’s stock valued at $71,063,000 after buying an additional 952,088 shares in the last quarter. Boxer Capital Management LLC acquired a new position in Prothena in the fourth quarter worth about $9,556,000. Federated Hermes Inc. lifted its stake in Prothena by 84.3% during the fourth quarter. Federated Hermes Inc. now owns 746,177 shares of the biotechnology company’s stock worth $10,335,000 after purchasing an additional 341,274 shares during the period. Finepoint Capital LP boosted its holdings in Prothena by 51.6% during the fourth quarter. Finepoint Capital LP now owns 657,071 shares of the biotechnology company’s stock valued at $9,100,000 after purchasing an additional 223,600 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Prothena by 93.7% in the 4th quarter. JPMorgan Chase & Co. now owns 387,350 shares of the biotechnology company’s stock valued at $5,365,000 after purchasing an additional 187,364 shares during the period. Institutional investors and hedge funds 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.