Prothena (NASDAQ:PRTA) Given New $110.00 Price Target at Piper Sandler

Prothena (NASDAQ:PRTA) had its price objective raised by Piper Sandler from $94.00 to $110.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

A number of other research firms have also issued reports on PRTA. Cantor Fitzgerald reissued an “overweight” rating on shares of Prothena in a report on Friday, February 21st. Bank of America dropped their price objective on shares of Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Oppenheimer raised their target price on shares of Prothena from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Royal Bank of Canada dropped their price target on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com raised shares of Prothena from a “sell” rating to a “hold” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Prothena has an average rating of “Moderate Buy” and an average price target of $55.00.

Prothena Price Performance

Shares of NASDAQ:PRTA opened at $14.55 on Wednesday. The stock has a market cap of $782.92 million, a P/E ratio of -6.33 and a beta of 0.08. Prothena has a 1-year low of $11.70 and a 1-year high of $31.03. The firm has a fifty day moving average price of $14.45 and a 200 day moving average price of $16.67.

Prothena (NASDAQ:PRTA) last announced its earnings results on Thursday, February 20th. The biotechnology company reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.06). The business had revenue of $2.12 million for the quarter, compared to analyst estimates of $7.53 million. Prothena had a negative return on equity of 22.67% and a negative net margin of 90.50%. Sell-side analysts expect that Prothena will post -4.04 EPS for the current fiscal year.

Institutional Trading of Prothena

Institutional investors have recently added to or reduced their stakes in the stock. Virtus ETF Advisers LLC lifted its position in shares of Prothena by 19.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,148 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 833 shares during the period. Headlands Technologies LLC raised its holdings in Prothena by 196.5% during the fourth quarter. Headlands Technologies LLC now owns 7,330 shares of the biotechnology company’s stock worth $102,000 after purchasing an additional 4,858 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in Prothena during the fourth quarter worth $145,000. Purkiss Capital Advisors LLC acquired a new stake in Prothena in the fourth quarter valued at $149,000. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Prothena by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,409 shares of the biotechnology company’s stock valued at $158,000 after buying an additional 1,065 shares in the last quarter. Hedge funds and other institutional investors own 97.08% of the company’s stock.

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.