Prothena (NASDAQ:PRTA) Price Target Increased to $50.00 by Analysts at Royal Bank of Canada

Prothena (NASDAQ:PRTA) had its price target lifted by Royal Bank of Canada from $28.00 to $50.00 in a research report issued to clients and investors on Friday, The Fly reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.31% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group increased their price target on shares of Prothena from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, March 15th. Cantor Fitzgerald increased their price target on shares of Prothena from $43.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on shares of Prothena in a research note on Wednesday, May 26th. They issued a “buy” rating and a $39.00 price target for the company. Zacks Investment Research raised shares of Prothena from a “sell” rating to a “hold” rating and set a $24.00 price objective for the company in a research report on Wednesday, February 17th. Finally, Citigroup started coverage on shares of Prothena in a research report on Wednesday, May 26th. They set a “buy” rating for the company. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Prothena has an average rating of “Buy” and an average price target of $44.25.

Prothena stock opened at $44.52 on Friday. The company has a 50 day moving average price of $26.14. Prothena has a 1-year low of $9.25 and a 1-year high of $45.62. The stock has a market cap of $1.97 billion, a PE ratio of -14.32 and a beta of 1.56.

Prothena (NASDAQ:PRTA) last posted its quarterly earnings results on Monday, May 10th. The biotechnology company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.11). Prothena had a negative net margin of 14,255.73% and a negative return on equity of 57.65%. The firm had revenue of $0.16 million during the quarter, compared to analysts’ expectations of $0.17 million. On average, analysts forecast that Prothena will post -1.69 earnings per share for the current year.

In other Prothena news, major shareholder Ecor1 Capital, Llc purchased 875,000 shares of the firm’s stock in a transaction on Wednesday, March 24th. The stock was bought at an average price of $20.75 per share, with a total value of $18,156,250.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 30.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of PRTA. E Fund Management Co. Ltd. purchased a new position in Prothena in the 1st quarter valued at approximately $43,000. Citigroup Inc. raised its holdings in shares of Prothena by 160.5% in the 4th quarter. Citigroup Inc. now owns 7,572 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 4,665 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Prothena by 27.2% in the 4th quarter. ProShare Advisors LLC now owns 12,974 shares of the biotechnology company’s stock valued at $156,000 after purchasing an additional 2,771 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Prothena in the 4th quarter valued at $161,000. Finally, Royal Bank of Canada raised its holdings in shares of Prothena by 171.0% in the 1st quarter. Royal Bank of Canada now owns 6,860 shares of the biotechnology company’s stock valued at $172,000 after purchasing an additional 4,329 shares in the last quarter. 90.50% of the stock is owned by institutional investors.

Prothena Company Profile

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 PRX002/RG7935 that is in Phase 2 clinical trial for treating Parkinson's disease and other related synucleinopathies; and PRX004, an antibody that is in Phase 1 clinical trial for the treatment of ATTR amyloidosis.

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