Oppenheimer analyst Jay Olson maintained a Hold rating on Prothena Corp (NASDAQ: PRTA) today. The company’s shares opened today at $14.83, close to its 52-week low of $10.43.
Olson commented:
“PRTA announced restructuring plans including new guidance following the discontinuation of NEOD001. Going forward, PRTA will focus its efforts on what we view as a solid foundation with partnered PRX002/RG7935 in PD (Ph2) and wholly owned PRX004 for ATTR amyloidosis (Ph1). We are encouraged by the initiation of this Ph1 study that is currently enrolling with a target enrollment of 36 patients and preliminary data based on the proprietary mis-TTR assay anticipated in 2019. PRTA will also develop its preclinical pipeline that includes an Aβ-targeting antibody and three partnered compounds with CELG. We view advancement of PRX004 into the clinic as confirmation of the company’s discovery platform, which is further validated by external partnerships.”
According to TipRanks.com, Olson is a 1-star analyst with an average return of -2.1% and a 43.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Prothena Corp has an analyst consensus of Hold, with a price target consensus of $13.86.
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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 $35.38 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.
