Oppenheimer Sticks to Their Hold Rating for Prothena Corp (PRTA)


Oppenheimer analyst Jay Olson maintained a Hold rating on Prothena Corp (PRTA) today. The company’s shares closed on Friday at $12.41, close to its 52-week low of $10.43.

Olson said:

“PRTA provided a 3Q update including financial results and business highlights. EPS of $(0.62) was above our $(0.99) estimate and $(0.98) consensus while full- year financial guidance was unchanged. Management continues to expect net cash burn (operating & investing) in 2018 of $40M-$50M including $110M from CELG. We estimate that without NEOD001, cash burn is ~$80M for the next few years, which would provide PRTA several years of runway based on $452M cash as of 2Q and management plans to end 2018 with ~$421M in cash. We are encouraged by progress with prasinezumab (PRX002) for Parkinson’s disease and PRX004 for ATTR amyloidosis. We update our model for 3Q and maintain our Perform rating.”

According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -5.1% and a 36.7% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.

The the analyst consensus on Prothena Corp is currently a Hold rating.

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Based on Prothena Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $24.56 million. In comparison, last year the company had a GAAP net loss of $52.39 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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