Prothena Corporation plc (NASDAQ:PRTA) Stock Has Consensus Price Target of $24.57 According to Brokerages

Shares of Prothena Corporation plc (NASDAQ:PRTA) have been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $24.57.

Several equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Prothena from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 9th. Wall Street Zen lowered shares of Prothena from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. UBS Group reaffirmed a “buy” rating on shares of Prothena in a research report on Friday, July 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Prothena in a report on Friday, July 24th.

Insider Transactions at Prothena

In related news, insider Anne Kingston sold 7,662 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $8.47, for a total transaction of $64,897.14. Following the transaction, the insider directly owned 55,782 shares of the company’s stock, valued at approximately $472,473.54. The trade was a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder William P. Scully purchased 100,000 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was bought at an average price of $8.43 per share, with a total value of $843,000.00. Following the acquisition, the insider owned 927,000 shares in the company, valued at $7,814,610. This trade represents a 12.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 177,000 shares of company stock valued at $1,538,190 over the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rubric Capital Management LP increased its stake in Prothena by 36.0% during the 1st quarter. Rubric Capital Management LP now owns 5,000,000 shares of the biotechnology company’s stock worth $48,600,000 after buying an additional 1,322,669 shares during the period. ADAR1 Capital Management LLC boosted its position in Prothena by 8.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,581,443 shares of the biotechnology company’s stock valued at $15,372,000 after buying an additional 123,679 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Prothena by 39.5% during the first quarter. Renaissance Technologies LLC now owns 607,515 shares of the biotechnology company’s stock valued at $5,905,000 after acquiring an additional 172,000 shares in the last quarter. Focused Wealth Management Inc increased its position in shares of Prothena by 93.0% during the first quarter. Focused Wealth Management Inc now owns 207,403 shares of the biotechnology company’s stock worth $2,016,000 after acquiring an additional 99,924 shares during the last quarter. Finally, Penbrook Management LLC acquired a new position in shares of Prothena in the first quarter worth about $2,641,000. 97.08% of the stock is owned by institutional investors and hedge funds.

Prothena Price Performance

Prothena stock opened at $8.32 on Friday. The company has a market cap of $435.58 million, a price-to-earnings ratio of -9.90, a price-to-earnings-growth ratio of 3.17 and a beta of -0.33. Prothena has a 12 month low of $7.73 and a 12 month high of $11.80. The stock’s 50-day moving average is $8.92 and its 200-day moving average is $9.39.

Prothena (NASDAQ:PRTA) last posted its earnings results on Thursday, August 6th. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.07. Prothena had a negative net margin of 80.68% and a negative return on equity of 16.45%. The firm had revenue of $1.01 million during the quarter, compared to the consensus estimate of $0.42 million. Research analysts anticipate that Prothena will post 0.08 EPS for the current year.

About Prothena

Prothena Corporation plc (NASDAQ: PRTA) is a clinical-stage biotechnology company focused on discovering and developing novel therapies for neurodegenerative and other protein-misfolding diseases. The company’s research is based on targeting abnormal proteins and the biological processes associated with their accumulation in tissue.

Prothena’s lead programs include birtamimab, an investigational antibody being developed for patients with AL amyloidosis, and prasinezumab, an investigational antibody targeting alpha-synuclein for Parkinson’s disease.