Cantor Fitzgerald Predicts Increased Earnings for Prothena

Prothena Co. plc (NASDAQ:PRTA) – Investment analysts at Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for shares of Prothena in a report issued on Wednesday, November 13th. Cantor Fitzgerald analyst C. Duncan now expects that the biotechnology company will post earnings of ($2.41) per share for the year, up from their prior estimate of ($2.52). Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for Prothena’s current full-year earnings is ($2.29) per share.

A number of other equities research analysts also recently weighed in on PRTA. Bank of America lowered their price target on Prothena from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada lowered their price objective on Prothena from $28.00 to $24.00 and set a “sector perform” rating for the company in a research note on Friday, August 9th. StockNews.com upgraded Prothena from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Oppenheimer lowered their price objective on Prothena from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $84.00 price objective on shares of Prothena in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.86.

Prothena Trading Down 13.0 %

Shares of NASDAQ PRTA opened at $14.01 on Monday. Prothena has a twelve month low of $14.00 and a twelve month high of $41.54. The company has a market capitalization of $753.88 million, a price-to-earnings ratio of -5.65 and a beta of 0.16. The business has a 50 day simple moving average of $18.19 and a 200-day simple moving average of $20.33.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.08. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. The business had revenue of $0.97 million during the quarter, compared to the consensus estimate of $1.22 million. During the same period in the previous year, the business earned $0.38 EPS. The business’s quarterly revenue was down 98.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PRTA. Wellington Management Group LLP grew its stake 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 in the last quarter. Artal Group S.A. grew its stake in shares of Prothena by 99.7% in the first quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock worth $24,804,000 after purchasing an additional 500,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Prothena by 1,122.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 526,748 shares of the biotechnology company’s stock worth $8,812,000 after purchasing an additional 483,673 shares in the last quarter. Armistice Capital LLC grew its stake in shares of Prothena by 42.3% in the second quarter. Armistice Capital LLC now owns 1,560,000 shares of the biotechnology company’s stock worth $32,198,000 after purchasing an additional 464,000 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings 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 buying an additional 54,728 shares during the period. Institutional investors own 97.08% of the company’s stock.

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.