Prothena (NASDAQ:PRTA) Rating Increased to Strong-Buy at Chardan Capital

Prothena (NASDAQ:PRTA) was upgraded by investment analysts at Chardan Capital to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. HC Wainwright boosted their price target on shares of Prothena from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Royal Bank Of Canada lifted their target price on Prothena from $10.00 to $11.00 and gave the company a “sector perform” rating in a report on Friday, November 7th. Piper Sandler upped their price target on Prothena from $15.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prothena in a research report on Monday. Finally, Wall Street Zen raised Prothena from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.78.

Prothena Stock Performance

Shares of PRTA opened at $10.05 on Wednesday. The company’s 50-day simple moving average is $9.84 and its 200-day simple moving average is $7.88. Prothena has a 1 year low of $4.32 and a 1 year high of $17.66. The stock has a market capitalization of $540.99 million, a PE ratio of -1.78 and a beta of -0.09.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07). Prothena had a negative net margin of 2,929.30% and a negative return on equity of 62.17%. The business had revenue of $2.42 million during the quarter, compared to analyst estimates of $6.64 million. On average, sell-side analysts predict that Prothena will post -4.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRTA. Siren L.L.C. lifted its stake in Prothena by 16.7% during the first quarter. Siren L.L.C. now owns 1,283,555 shares of the biotechnology company’s stock worth $15,884,000 after purchasing an additional 183,715 shares during the last quarter. Purkiss Capital Advisors LLC raised its holdings in Prothena by 15.1% during the second quarter. Purkiss Capital Advisors LLC now owns 24,904 shares of the biotechnology company’s stock worth $151,000 after purchasing an additional 3,275 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Prothena during the 2nd quarter worth approximately $256,000. Prospera Financial Services Inc purchased a new stake in shares of Prothena during the 2nd quarter worth approximately $61,000. Finally, American Century Companies Inc. boosted its holdings in shares of Prothena by 14.6% in the 1st quarter. American Century Companies Inc. now owns 34,836 shares of the biotechnology company’s stock valued at $431,000 after buying an additional 4,437 shares in the last quarter. 97.08% of the stock is owned by institutional investors and hedge funds.

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.