Oppenheimer analyst Jay Olson maintained a Hold rating on Prothena Corp (PRTA) today. The company’s shares closed on Friday at $13.15, close to its 52-week low of $8.63.
Olson said:
“PRTA provided a 4Q18 update of financial results and business highlights. Net loss was $22.5M, slightly better than our $34M, resulting in YE18 cash of $432M. EPS of ($0.56) was above our ($0.87) estimate and ($0.94) consensus. FY19 financial guidance for its cash burn of $64M-$72M should result in a YE19 cash balance of $364M (midpoint) according to management. Net loss guidance is estimated at $93M- $104M. We estimate annual cash burn of ~$60M for the next few years, which would provide PRTA several years of runway based on $432M cash as of 4Q. We are encouraged by progress with prasinezumab (PRX002) for Parkinson’s disease and PRX004 for ATTR amyloidosis. We update our model for actuals and guidance.”
According to TipRanks.com, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.1% and a 39.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta 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 December 31, the company reported a quarterly GAAP net loss of $22.46 million. In comparison, last year the company had a GAAP net loss of $47.76 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.
