Cantor Fitzgerald Keeps a Buy Rating on Prothena Corp (PRTA)


Cantor Fitzgerald analyst William Tanner reiterated a Buy rating on Prothena Corp (NASDAQ: PRTA) today and set a price target of $18. The company’s shares opened today at $14.21, close to its 52-week low of $10.43.

Tanner noted:

“: We reiterate our Overweight rating and 12-month PT of $18. With discontinuation of NEOD001 development announced in April (our report here), investors are likely to focus on PRX002/RG7935 development as a treatment for Parkinson’s disease (PD). The company has guided to expectation for data from the Phase 2 PASADENA trial in 2020. Release of pharmacodynamic data from lower-dose cohorts of ATTR amyloidosis treatment PRX004 are anticipated in 2019.”

According to TipRanks.com, Tanner is a 3-star analyst with an average return of 1.9% and a 45.1% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Supernus Pharmaceuticals, and Intra-Cellular Therapies.

Prothena Corp has an analyst consensus of Hold, with a price target consensus of $14.67.

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Based on Prothena Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $48.74 million. In comparison, last year the company had a GAAP net loss of $17.7 million.

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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.

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