Prothena Corp Receives a Hold from Oppenheimer

Oppenheimer analyst Jay Olson maintained a Hold rating on Prothena Corp (NASDAQ: PRTA) yesterday. The company’s shares closed yesterday at $13.56, close to its 52-week low of $10.43.

Olson wrote:

“PRTA reported 1Q financial results featuring a business update with several notable items including initiation of PRX004 clinical program for ATTR amyloidosis. We are encouraged by the initiation of this Ph1 study that is currently enrolling patients with a target enrollment of 36 and preliminary data anticipated in 2019. A proprietary assay that measures misfolded TTR will be used to evaluate pharmacodynamic activity. We expect PRTA to leverage lessons learned from recent competitive activity in ATTR amyloidosis in order to optimize PRX004 development. We view advancement of PRX004 into the clinic as confirmation of the company’s discovery platform, which is further validated by external partnerships with large partners. We update our model with actuals and look forward to a 2Q business update.”

According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.4% and a 38.6% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.

Currently, the analyst consensus on Prothena Corp is Moderate Buy and the average price target is $14.14, representing a 4.3% upside.

In a report issued on April 24, BTIG also downgraded the stock to Hold.

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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 $47.76 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.