Prothena Price Target Soars to $36 Following Piper Sandler Upgrade

Prothena Corporation (NASDAQ:PRTA) has seen its stock target price significantly increased from $15.00 to $36.00 by Piper Sandler, according to a report released on Tuesday. This upgrade reflects the firm’s bullish outlook on the biotechnology company, which focuses on developing therapies for diseases related to protein dysregulation. Piper Sandler currently holds an “overweight” rating on Prothena’s shares.

Analyst Opinions on Prothena

The positive sentiment surrounding Prothena is echoed by several other investment firms. Chardan Capital reaffirmed a “buy” rating with a target price of $18.00 on August 28, while HC Wainwright raised their price objective from $14.00 to $20.00 on October 7, also assigning a “buy” rating. Conversely, Weiss Ratings maintained a “sell (d-)” rating on October 8, indicating a more cautious approach.

In contrast, JMP Securities reduced their target price from $29.00 to $11.00 on September 2, while Royal Bank of Canada adjusted their target down to $10.00 from $18.00 on August 5. Overall, research analysts have rated the stock with four “buy” ratings, four “hold” ratings, and two “sell” ratings. According to MarketBeat, the average rating for Prothena’s stock stands at “hold,” with a consensus target price of $24.56.

Recent Financial Performance

Prothena’s financial performance has raised concerns among analysts. The company reported its quarterly earnings on August 4, revealing a loss of $1.86 per share, which fell short of expectations of $1.11 per share. The company generated $4.42 million in revenue for the quarter, noticeably below the forecast of $5.36 million. Prothena’s net margin was recorded at a staggering -2,929.30%, with a negative return on equity of -62.17%. Analysts project that Prothena will post an earnings per share (EPS) of -4.04 for the current fiscal year.

Institutional investors have been active in modifying their stakes in Prothena. Prospera Financial Services Inc. acquired a new position in the second quarter valued at $61,000. Tower Research Capital LLC increased its holdings by 571.0%, now owning 12,709 shares worth $77,000 after purchasing an additional 10,815 shares. Corton Capital Inc. also invested in Prothena during the same quarter, acquiring shares valued at approximately $85,000. CWM LLC grew its stake by 650.1%, reaching 10,246 shares worth $100,000 after buying an additional 8,880 shares. Institutional investors now hold 97.08% of Prothena’s stock.

About Prothena Corporation

Prothena Corporation plc is a late-stage clinical biotechnology company based in the United States, specializing in the discovery and development of innovative therapies targeting diseases caused by protein dysregulation. The company is currently advancing several investigational therapies, including birtamimab, a humanized antibody for the treatment of AL amyloidosis, and Prasinezumab, a monoclonal antibody aimed at addressing Parkinson’s disease, which is in Phase IIb clinical trials. Other projects include NNC6019 for ATTR amyloidosis in Phase II trials and treatments for Alzheimer’s disease, BMS-986446 and PRX012, both in Phase I trials.

In summary, Prothena’s recent stock price surge and varied analyst ratings reflect a complex landscape for the biotechnology company, as it navigates its financial challenges while advancing its innovative therapies.