Prothena (NASDAQ:PRTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “Prothena’s license agreement with Roche for the development and commercialization of selected antibodies targeting alpha-synuclein is a big positive as it not only boosts pipeline development but also provides it with funds in the form of research reimbursement and milestone payments. The company recently entered into an agreement with Celgene as well.  However, the discontinuation of development of NEOD001 is a big setback for the company as it was the lead candidate. Prothena is highly dependent on its collaboration partners for the development of its candidates. The company itself does not have enough resources to independently conduct studies on its candidates. Moreover, due to disappointing data from a phase Ib study, the company will not advance PRX003 into mid-stage development. Shares have performed worse than the industry in the last six months.”

A number of other analysts also recently issued reports on the company. Jefferies Group downgraded Prothena from a “buy” rating to a “hold” rating in a research note on Monday, April 23rd. Barclays cut Prothena from an “overweight” rating to an “equal weight” rating in a report on Monday, April 23rd. BTIG Research cut Prothena from a “buy” rating to a “neutral” rating and set a $77.00 target price for the company. in a report on Tuesday. Oppenheimer cut Prothena from an “outperform” rating to a “hold” rating in a report on Monday, April 23rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $69.00 price objective on shares of Prothena in a research note on Wednesday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.92.

Shares of NASDAQ:PRTA opened at $12.11 on Thursday. Prothena has a 1 year low of $10.43 and a 1 year high of $70.00. The company has a market cap of $454.67, a PE ratio of -2.98 and a beta of 2.70.

Prothena (NASDAQ:PRTA) last announced its earnings results on Wednesday, February 14th. The biotechnology company reported ($1.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.48) by $0.24. Prothena had a negative return on equity of 33.37% and a negative net margin of 556.84%. The firm had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.27 million. During the same quarter last year, the firm posted ($1.41) EPS. The business’s revenue was up 33.9% on a year-over-year basis. analysts expect that Prothena will post -4.27 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Woodford Investment Management Ltd boosted its holdings in Prothena by 1.6% in the fourth quarter. Woodford Investment Management Ltd now owns 11,528,614 shares of the biotechnology company’s stock valued at $325,223,000 after purchasing an additional 179,000 shares during the last quarter. Sphera Funds Management LTD. lifted its holdings in Prothena by 241.7% during the 4th quarter. Sphera Funds Management LTD. now owns 205,000 shares of the biotechnology company’s stock worth $7,685,000 after buying an additional 145,000 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Prothena by 11.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,005,998 shares of the biotechnology company’s stock worth $37,715,000 after purchasing an additional 101,273 shares during the period. Deutsche Bank AG raised its position in shares of Prothena by 37.8% during the 4th quarter. Deutsche Bank AG now owns 231,468 shares of the biotechnology company’s stock worth $8,674,000 after purchasing an additional 63,537 shares during the period. Finally, First Manhattan Co. raised its position in shares of Prothena by 114.4% during the 4th quarter. First Manhattan Co. now owns 107,200 shares of the biotechnology company’s stock worth $4,018,000 after purchasing an additional 57,200 shares during the period.

About Prothena

Prothena Corporation plc, a late-stage clinical biotechnology company, focuses on the discovery, development, and commercialization of novel immunotherapies for the treatment of diseases in the neuroscience and orphan categories. The company is developing antibody-based product candidates that include NEOD001, a monoclonal antibody that is in Phase III and Phase IIb clinical trials for the treatment of AL amyloidosis; PRX002/RG7935 that is in Phase II clinical trial for treating Parkinson's disease and other related synucleinopathies; and PRX004, a monoclonal antibody that is under preclinical development for the treatment of ATTR Amyloidosis.

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