Chardan Capital Reaffirms Buy Rating for Prothena

Analysts at Chardan Capital have reaffirmed their "buy" rating for Prothena Corporation plc (NASDAQ:PRTA) in a recent research note published on Friday. They have set a target price of $40.00 for the biotechnology company's shares, indicating a potential upside of 162.30% from its current market price.

A variety of other equity research analysts have also provided their insights on Prothena's stock. For instance, Oppenheimer raised their price objective from $58.00 to $62.00 while maintaining an "outperform" rating in a report dated February 7.

On the other hand, Bank of America downgraded their price target from $26.00 to $22.00 and assigned a "neutral" rating to the company as noted in a research note on December 19. HC Wainwright reiterated their "buy" rating with a revised price target of $48.00, which was previously $84.00, in a report from December 20. Additionally, StockNews.com lowered their rating for Prothena from "hold" to "sell" on November 19.

Overall, one research analyst has rated Prothena with a sell rating, while two analysts have assigned a hold rating, and five analysts have given it a buy rating. As of now, Prothena holds an average rating of "Moderate Buy" with a consensus price target of $46.50 based on data from MarketBeat.com.

Prothena's Stock Performance

On Friday, Prothena's stock opened at $15.25. The company's fifty-day moving average price stands at $14.28, while its two-hundred-day moving average price is $16.83. Prothena has a market capitalization of $820.60 million, a P/E ratio of -6.15, and a beta of 0.08. The stock has traded between a one-year low of $11.70 and a high of $31.03.

Prothena recently reported its quarterly earnings on February 20, revealing an earnings per share (EPS) of ($1.08), which fell short of analysts' consensus estimate of ($1.02) by $0.06. The company has experienced a negative net margin of 98.86% and a negative return on equity of 24.19%. Current projections from analysts suggest that Prothena will report an EPS of -2.24 for the ongoing fiscal year.

Institutional Investments in Prothena

Various institutional investors have adjusted their holdings in Prothena recently. Creative Planning initiated a new investment in the company in the third quarter, valued at $350,000. China Universal Asset Management Co. Ltd. raised its stake by 63.7% in the same quarter and now holds 10,344 shares valued at $173,000 after acquiring an additional 4,026 shares.

Pinnacle Associates Ltd. also increased its position by 2.3% during the third quarter, now owning 125,747 shares worth $2,104,000 after adding 2,847 shares. GSA Capital Partners LLP made a new investment valued at about $484,000 in the same period. Connor Clark & Lunn Investment Management Ltd. expanded its stake by 8.6% to now own 122,492 shares valued at $2,049,000 following the acquisition of an additional 9,666 shares.

Institutional investors and hedge funds hold an impressive 97.08% of Prothena's stock, reflecting significant institutional support for the company.

About Prothena Corporation plc

Prothena Corporation plc is a late-stage clinical biotechnology firm dedicated to discovering and developing innovative therapies aimed at treating diseases associated with protein dysregulation in the United States. The company is currently developing birtamimab, which is in a Phase III clinical trial for the treatment of AL amyloidosis. Additionally, Prasinezumab, a humanized monoclonal antibody, is in Phase IIb trials to address Parkinson's disease and related synucleinopathies. Prothena is also progressing with NNC6019 in Phase II trials for ATTR amyloidosis and BMS-986446 and PRX012 are in Phase I trials targeting Alzheimer's disease.

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