Prothena (PRTA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jason Butler from JMP Securities remains neutral on the stock and has a $81.00 price target.
Jason Butler’s Buy rating for Prothena’s stock is primarily influenced by the promising initial Phase 1 results of their PRX012 drug for Alzheimer’s disease (AD), which showed encouraging signs of amyloid plaque reduction. His confidence is further bolstered by the company’s solid financial position, with a substantial cash reserve that is expected to support operations well beyond the completion of current clinical trials.
Moreover, the advancements in Prothena’s pipeline, including the Fast Track Designation received for PRX123 and the progress of partnered programs, strengthen the case for a positive outlook. The development of multiple programs targeting various neurodegenerative diseases points to a diversified risk profile and potential for multiple streams of future revenue, contributing to Butler’s optimistic Buy rating.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Prothena (PRTA) Company Description:
Prothena Corp. Plc is a late-stage clinical biotechnology company, which research, development and commercialization of therapies in the neuroscience and orphan categories. Its antibody-based product candidates target a potential indications including amyloidosis and Parkinson’s disease. The company was founded in December 1969 and is headquartered in Dublin, Ireland.
Read More on PRTA:
