Rudy Li, an analyst from Leerink Partners, maintained the Buy rating on Prothena (PRTA – Research Report). The associated price target is $80.00.
Rudy Li’s Buy rating is grounded in a multifaceted assessment of Prothena’s recent financial performance and its pipeline progression. Despite the stock facing recent pressure, the company’s earnings report for the fourth quarter of 2023 showed all pipeline programs advancing as expected. Rudy Li is optimistic about Prothena’s future, especially given the company’s strong financial standing with substantial cash reserves to support ongoing projects, and the potential for significant advancements from its product pipeline tackling misfolded proteins. The analyst’s confidence is further bolstered by the management’s assurance that data thus far supports monthly dosing for PRX012 and exploration of higher doses.
Looking forward, Rudy Li anticipates additional updates on Prothena’s Phase 1 MAD study of PRX012 in Alzheimer’s, which could provide further insight and potentially enhance the stock’s value. The analyst notes that while PRX012 continues to draw significant investor attention, Prothena also has multiple other programs that could yield positive surprises in the next 12-18 months. With a robust cash position estimated to continue through the end of 2024, Prothena appears well-equipped to maintain its current development trajectory. Accordingly, Rudy Li maintains an Outperform rating with a target price of $80, signaling an expectation of stock performance that will outpace the average market return.
In another report released on February 16, JMP Securities also reiterated a Buy rating on the stock with a $85.00 price target.
PRTA’s price has also changed dramatically for the past six months – from $59.180 to $28.020, which is a -52.65% drop .
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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.
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