Oppenheimer Issues Positive Forecast for Prothena (NASDAQ:PRTA) Stock Price

Prothena (NASDAQ:PRTA) had its price objective boosted by Oppenheimer from $58.00 to $62.00 in a report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

PRTA has been the topic of a number of other research reports. Chardan Capital assumed coverage on shares of Prothena in a research report on Friday, December 20th. They set a “buy” rating and a $40.00 price objective on the stock. Bank of America lowered their price target on Prothena from $26.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $48.00 price objective (down previously from $84.00) on shares of Prothena in a report on Friday, December 20th. Finally, StockNews.com downgraded Prothena from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Prothena currently has an average rating of “Moderate Buy” and a consensus target price of $46.50.

Prothena Stock Performance

PRTA stock opened at $14.05 on Friday. Prothena has a 1-year low of $11.70 and a 1-year high of $31.03. The business has a fifty day moving average price of $14.32 and a 200-day moving average price of $17.48.

Prothena (NASDAQ:PRTA) last issued its earnings results on Tuesday, November 12th. The biotechnology company reported ($1.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.08. The business had revenue of $0.97 million during the quarter, compared to analyst estimates of $1.22 million. Prothena had a negative return on equity of 24.19% and a negative net margin of 98.86%. Prothena’s revenue was down 98.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, equities analysts predict that Prothena will post -2.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Prothena

A number of institutional investors have recently bought and sold shares of the stock. Foundation Wealth Management LLC purchased a new stake in Prothena in the fourth quarter worth about $270,000. Raymond James Financial Inc. purchased a new stake in Prothena in the 4th quarter worth approximately $182,000. Charles Schwab Investment Management Inc. raised its stake in Prothena by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 327,151 shares of the biotechnology company’s stock worth $4,531,000 after acquiring an additional 2,189 shares during the period. Purkiss Capital Advisors LLC purchased a new position in Prothena during the fourth quarter valued at approximately $149,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Prothena by 14.9% in the fourth quarter. Bank of New York Mellon Corp now owns 150,238 shares of the biotechnology company’s stock worth $2,081,000 after purchasing an additional 19,452 shares during the period. 97.08% of the stock is owned by 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.