Cantor Fitzgerald Reaffirms Overweight Rating for Prothena (NASDAQ:PRTA)

Cantor Fitzgerald restated their overweight rating on shares of Prothena (NASDAQ:PRTA) in a report released on Monday morning, Benzinga reports. Cantor Fitzgerald also issued estimates for Prothena’s FY2024 earnings at ($2.52) EPS.

A number of other research firms have also commented on PRTA. Royal Bank of Canada reduced their price objective on Prothena from $28.00 to $24.00 and set a sector perform rating on the stock in a research note on Friday, August 9th. JMP Securities reduced their price target on shares of Prothena from $85.00 to $83.00 and set a market outperform rating on the stock in a research report on Thursday, May 9th. Finally, HC Wainwright lowered their price objective on shares of Prothena from $90.00 to $84.00 and set a buy rating for the company in a research report on Thursday, May 9th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $62.86.

Prothena Stock Down 1.1 %

Shares of Prothena stock opened at $19.77 on Monday. Prothena has a 12-month low of $18.69 and a 12-month high of $61.45. The stock has a market capitalization of $1.06 billion, a P/E ratio of -6.08 and a beta of 0.21. The company has a 50-day simple moving average of $21.45 and a 200 day simple moving average of $23.48.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings data on Thursday, August 8th. The biotechnology company reported $1.22 earnings per share for the quarter, topping the consensus estimate of ($1.01) by $2.23. The company had revenue of $132.01 million during the quarter, compared to analyst estimates of $10.73 million. Prothena had a negative net margin of 23.44% and a negative return on equity of 9.00%. The company’s revenue was up 3184.7% on a year-over-year basis. During the same quarter last year, the business posted ($1.03) earnings per share. On average, equities analysts anticipate that Prothena will post -4.54 earnings per share for the current year.

Institutional Investors Weigh In On Prothena

A number of institutional investors and hedge funds have recently modified their holdings of PRTA. Artal Group S.A. lifted its stake in shares of Prothena by 99.7% in the 1st quarter. Artal Group S.A. now owns 1,001,360 shares of the biotechnology company’s stock valued at $24,804,000 after purchasing an additional 500,000 shares during the period. Wellington Management Group LLP grew its position in shares of Prothena by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 2,594,102 shares of the biotechnology company’s stock worth $94,270,000 after buying an additional 452,455 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Prothena by 10.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,237,351 shares of the biotechnology company’s stock valued at $153,986,000 after acquiring an additional 417,338 shares during the last quarter. Armistice Capital LLC acquired a new stake in shares of Prothena in the 4th quarter valued at approximately $10,103,000. Finally, Granahan Investment Management LLC boosted its stake in Prothena by 19.9% during the 4th quarter. Granahan Investment Management LLC now owns 417,157 shares of the biotechnology company’s stock worth $15,159,000 after acquiring an additional 69,092 shares during the last quarter. 97.08% of the stock is owned by institutional investors.

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.