Piper Sandler Increases Prothena (NASDAQ:PRTA) Price Target to $110.00

Prothena (NASDAQ:PRTA) had its price target upped by Piper Sandler from $94.00 to $110.00 in a report issued on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the biotechnology company’s stock.

A number of other research analysts also recently commented on the stock. Bank of America dropped their price objective on shares of Prothena from $26.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada dropped their price target on shares of Prothena from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of Prothena from a “sell” rating to a “hold” rating in a report on Monday. HC Wainwright restated a “buy” rating and set a $48.00 price objective on shares of Prothena in a report on Friday, February 21st. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $40.00 target price on shares of Prothena in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Prothena Stock Performance

Shares of PRTA opened at $14.55 on Wednesday. Prothena has a 1 year low of $11.70 and a 1 year high of $31.03. The company’s 50 day simple moving average is $14.45 and its 200 day simple moving average is $16.67. The company has a market capitalization of $782.92 million, a price-to-earnings ratio of -6.33 and a beta of 0.08.

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

Hedge Funds Weigh In On Prothena

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRTA. Creative Planning acquired a new position in shares of Prothena in the third quarter worth about $350,000. China Universal Asset Management Co. Ltd. increased its holdings in Prothena by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,344 shares of the biotechnology company’s stock worth $173,000 after purchasing an additional 4,026 shares during the last quarter. Pinnacle Associates Ltd. raised its position in shares of Prothena by 2.3% in the 3rd quarter. Pinnacle Associates Ltd. now owns 125,747 shares of the biotechnology company’s stock valued at $2,104,000 after purchasing an additional 2,847 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Prothena during the 3rd quarter valued at approximately $484,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Prothena by 8.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 122,492 shares of the biotechnology company’s stock worth $2,049,000 after buying an additional 9,666 shares in the last quarter. 97.08% of the stock is owned by hedge funds and other institutional investors.

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.