Prothena (NASDAQ:PRTA) Trading 5.2% Higher – Here’s Why

Prothena Corporation plc (NASDAQ:PRTA) shares rose 5.2% during trading on Tuesday . The company traded as high as $9.62 and last traded at $9.63. Approximately 63,210 shares changed hands during trading, a decline of 88% from the average daily volume of 509,417 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRTA. Weiss Ratings lowered Prothena from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 2nd. Citizens Jmp raised their target price on Prothena from $19.00 to $20.00 and gave the company a “market outperform” rating in a research report on Friday, May 8th. Wall Street Zen raised Prothena from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Citigroup reiterated an “outperform” rating on shares of Prothena in a research note on Friday, May 8th. Finally, Stifel Nicolaus set a $19.00 price target on shares of Prothena in a report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.75.

Prothena Stock Performance

The company’s 50 day moving average price is $9.80 and its 200-day moving average price is $9.56. The company has a market cap of $506.75 million, a PE ratio of -3.43, a price-to-earnings-growth ratio of 1.43 and a beta of -0.25.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $0.60 EPS for the quarter, beating the consensus estimate of ($0.31) by $0.91. Prothena had a negative return on equity of 43.44% and a negative net margin of 260.92%.The business had revenue of $51.08 million for the quarter, compared to the consensus estimate of $0.81 million. Equities research analysts expect that Prothena Corporation plc will post 0.18 EPS for the current year.

Insider Activity

In other news, major shareholder William P. Scully purchased 20,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were purchased at an average price of $7.90 per share, with a total value of $158,000.00. Following the transaction, the insider directly owned 756,000 shares of the company’s stock, valued at approximately $5,972,400. This represents a 2.72% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 345,000 shares of company stock valued at $3,097,250 in the last 90 days. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Prothena

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRTA. JPMorgan Chase & Co. lifted its position in shares of Prothena by 479.6% during the third quarter. JPMorgan Chase & Co. now owns 735,765 shares of the biotechnology company’s stock worth $7,181,000 after acquiring an additional 608,814 shares in the last quarter. Focused Wealth Management Inc grew its position in shares of Prothena by 88.1% in the fourth quarter. Focused Wealth Management Inc now owns 107,479 shares of the biotechnology company’s stock valued at $1,026,000 after purchasing an additional 50,350 shares in the last quarter. CHICAGO TRUST Co NA bought a new stake in shares of Prothena during the 1st quarter valued at $146,000. Penbrook Management LLC bought a new stake in shares of Prothena during the 1st quarter valued at $2,641,000. Finally, Seven Fleet Capital Management LP purchased a new stake in Prothena during the 4th quarter worth about $414,000. 97.08% of the stock is currently owned by institutional investors.

About Prothena

Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.

The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.