Prothena (NASDAQ:PRTA) Stock Price Down 5.9% – Here’s What Happened

Prothena Corporation plc (NASDAQ:PRTA)’s stock price was down 5.9% during trading on Monday . The stock traded as low as $10.20 and last traded at $10.0960. Approximately 96,826 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 486,328 shares. The stock had previously closed at $10.73.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRTA shares. Weiss Ratings downgraded shares of Prothena from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, April 27th. Citizens Jmp boosted their price target on shares of Prothena from $19.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday. Stifel Nicolaus set a $19.00 price target on shares of Prothena in a research note on Friday, March 13th. Royal Bank Of Canada boosted their price target on shares of Prothena from $11.00 to $12.00 and gave the stock a “sector perform” rating in a research note on Friday, February 20th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Prothena in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.78.

Prothena Stock Down 9.9%

The stock has a market capitalization of $506.22 million, a PE ratio of -3.43, a PEG ratio of 0.38 and a beta of -0.23. The business’s 50-day moving average is $9.92 and its two-hundred day moving average is $9.81.

Prothena (NASDAQ:PRTA) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.91. Prothena had a negative net margin of 260.92% and a negative return on equity of 43.44%. The firm had revenue of $51.08 million during the quarter, compared to analysts’ expectations of $0.81 million. As a group, analysts anticipate that Prothena Corporation plc will post 0.69 EPS for the current year.

Institutional Investors Weigh In On Prothena

A number of institutional investors and hedge funds have recently bought and sold shares of PRTA. Rubric Capital Management LP raised its holdings in shares of Prothena by 138.7% in the fourth quarter. Rubric Capital Management LP now owns 3,677,331 shares of the biotechnology company’s stock valued at $35,119,000 after buying an additional 2,136,958 shares during the last quarter. State Street Corp raised its holdings in shares of Prothena by 151.7% in the fourth quarter. State Street Corp now owns 2,267,802 shares of the biotechnology company’s stock valued at $21,658,000 after buying an additional 1,366,764 shares during the last quarter. Rangeley Capital LLC purchased a new stake in shares of Prothena in the second quarter valued at about $4,342,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Prothena in the third quarter valued at about $6,386,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Prothena by 479.6% in the third 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 last quarter. 97.08% of the stock is owned by hedge funds and other institutional investors.

Prothena Company Profile

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.