Prothena (NASDAQ:PRTA) Issues Quarterly Earnings Results

Prothena (NASDAQ:PRTA) announced its earnings results on Thursday. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.07), Zacks reports. The company had revenue of $2.42 million during the quarter, compared to analyst estimates of $6.64 million. Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%.

Prothena Stock Performance

Shares of PRTA stock traded up $0.48 on Friday, hitting $10.56. 928,366 shares of the stock traded hands, compared to its average volume of 981,456. Prothena has a twelve month low of $4.32 and a twelve month high of $18.60. The firm’s 50-day moving average price is $9.49 and its two-hundred day moving average price is $7.82. The stock has a market capitalization of $568.44 million, a PE ratio of -1.87 and a beta of -0.09.

Institutional Trading of Prothena

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Prothena by 479.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 735,765 shares of the biotechnology company’s stock valued at $7,181,000 after buying an additional 608,814 shares during the period. Rangeley Capital LLC acquired a new stake in Prothena during the second quarter worth $4,342,000. Balyasny Asset Management L.P. acquired a new position in shares of Prothena in the 2nd quarter valued at $3,495,000. Qube Research & Technologies Ltd acquired a new position in shares of Prothena in the 2nd quarter valued at $2,518,000. Finally, Bank of America Corp DE grew its holdings in shares of Prothena by 59.8% during the 2nd quarter. Bank of America Corp DE now owns 210,945 shares of the biotechnology company’s stock worth $1,280,000 after purchasing an additional 78,959 shares during the period. Institutional investors and hedge funds own 97.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PRTA shares. Chardan Capital reaffirmed a “buy” rating and issued a $18.00 price target on shares of Prothena in a research note on Thursday, August 28th. JMP Securities decreased their target price on Prothena from $29.00 to $11.00 and set a “market outperform” rating on the stock in a research report on Tuesday, September 2nd. Wall Street Zen raised Prothena from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler boosted their price target on Prothena from $15.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, UBS Group set a $36.00 price objective on Prothena in a report on Tuesday, October 28th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $25.78.

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.