Shares of Prothena Co. plc (NASDAQ:PRTA – Get Rating) gapped up prior to trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $45.00 to $52.00. The stock had previously closed at $30.93, but opened at $49.45. Prothena shares last traded at $56.83, with a volume of 67,230 shares.
A number of other research firms have also recently commented on PRTA. Bank of America raised shares of Prothena from a "neutral" rating to a "buy" rating and increased their target price for the stock from $45.00 to $65.00 in a report on Wednesday. JMP Securities raised their price objective on shares of Prothena from $50.00 to $81.00 in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $67.75.
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Insider Buying and Selling
In related news, insider Hideki Garren sold 8,000 shares of the stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $30.00, for a total value of $240,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Hideki Garren sold 8,000 shares of the stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $30.00, for a total value of $240,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Tran Nguyen sold 42,120 shares of the firm's stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $32.49, for a total value of $1,368,478.80. Following the transaction, the chief financial officer now owns 3,200 shares in the company, valued at $103,968. The disclosure for this sale can be found here. Insiders have sold a total of 148,498 shares of company stock worth $4,750,606 in the last ninety days. Corporate insiders own 31.20% of the company's stock.
Hedge Funds Weigh In On Prothena
Large investors have recently bought and sold shares of the stock. Lazard Asset Management LLC lifted its position in Prothena by 61.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,733 shares of the biotechnology company's stock worth $63,000 after buying an additional 657 shares during the last quarter. Virtus ETF Advisers LLC lifted its position in Prothena by 22.7% in the 2nd quarter. Virtus ETF Advisers LLC now owns 4,523 shares of the biotechnology company's stock worth $123,000 after buying an additional 837 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Prothena in the first quarter valued at approximately $141,000. Fieldpoint Private Securities LLC lifted its position in Prothena by 33.3% in the first quarter. Fieldpoint Private Securities LLC now owns 4,000 shares of the biotechnology company's stock valued at $146,000 after purchasing an additional 1,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its position in Prothena by 170.1% in the second quarter. BNP Paribas Arbitrage SA now owns 8,299 shares of the biotechnology company's stock valued at $225,000 after purchasing an additional 5,226 shares during the last quarter. 93.92% of the stock is currently owned by institutional investors.
Prothena Stock Up 87.5 %
The company has a 50-day simple moving average of $30.70 and a two-hundred day simple moving average of $30.63. The stock has a market cap of $2.72 billion, a P/E ratio of -241.67 and a beta of 1.33.
Prothena (NASDAQ:PRTA – Get Rating) last announced its quarterly earnings data on Monday, August 8th. The biotechnology company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.37). Prothena had a negative net margin of 1.03% and a negative return on equity of 0.33%. The company had revenue of $1.31 million during the quarter, compared to the consensus estimate of $20.12 million. As a group, sell-side analysts forecast that Prothena Co. plc will post -2.57 earnings per share for the current fiscal year.
About Prothena
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Prothena Corporation plc, a late-stage clinical company, focuses on discovery and development of novel therapies for life-threatening diseases 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, which is in Phase IIb clinical trial for the treatment of Parkinson's disease; PRX004 that completed Phase I clinical trial for the treatment of Transthyretin amyloidosis; and PRX005, which is in Phase I clinical trial for the treatment of Alzheimer's disease.
Further Reading
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