What Can We Expect after a Prothena (NASDAQ:PRTA) Downgrade from “Equal Weight” to “Underweight” Rating?

May 21, 2018 - By Marie Mckinney

Prothena Corporation plc (NASDAQ:PRTA) Logo

Investors sentiment decreased to 1.18 in 2017 Q4. Its down 0.47, from 1.65 in 2017Q3. It worsened, as 29 investors sold Prothena Corporation plc shares while 32 reduced holdings. 28 funds opened positions while 44 raised stakes. 31.32 million shares or 0.27% more from 31.24 million shares in 2017Q3 were reported.

Platinum Mgmt Ltd invested in 70,400 shares. Atlantic Trust Group Incorporated Ltd Limited Liability Company reported 137 shares. Kistler reported 0% of its portfolio in Prothena Corporation plc (NASDAQ:PRTA). Bancshares Of America De reported 14,055 shares. 12,060 are held by Principal Finance Group Inc. Mufg Americas stated it has 97 shares. Moreover, Employees Retirement Association Of Colorado has 0% invested in Prothena Corporation plc (NASDAQ:PRTA). Thrivent Fincl For Lutherans reported 42,640 shares. First Advsr L P accumulated 26,285 shares. Pnc Fincl Ser Grp Incorporated reported 5,384 shares. Vanguard Gru invested in 738,669 shares. Tradewinds Capital Mngmt Limited Liability Company owns 2 shares for 0% of their portfolio. Hall Laurie J Trustee holds 90 shares. Focused Wealth Mngmt invested in 6,150 shares. Smith Asset Management Grp Ltd Partnership accumulated 6,740 shares or 0.01% of the stock.

Prothena (NASDAQ:PRTA) Receives a Downgrade

In a research note shared with investors on Monday, 21 May, Barclaysdecided to downgrade shares of Prothena (NASDAQ:PRTA) from their “Equal Weight” rating to a “Underweight”. The brokerage firm currently has a $12 target price on the stock.

Prothena Corporation plc (NASDAQ:PRTA) Ratings Coverage

Among 9 analysts covering Prothena Corp (NASDAQ:PRTA), 3 have Buy rating, 0 Sell and 6 Hold. Therefore 33% are positive. Prothena Corp has $70.0 highest and $12 lowest target. $44.75’s average target is 205.46% above currents $14.65 stock price. Prothena Corp had 15 analyst reports since December 4, 2017 according to SRatingsIntel. The stock of Prothena Corporation plc (NASDAQ:PRTA) has “Overweight” rating given on Tuesday, April 24 by Cantor Fitzgerald. The company was maintained on Wednesday, March 21 by Oppenheimer. The firm earned “Hold” rating on Monday, April 23 by RBC Capital Markets. The stock has “In-Line” rating by Evercore on Monday, April 23. The stock of Prothena Corporation plc (NASDAQ:PRTA) earned “Buy” rating by Oppenheimer on Monday, December 4. BTIG Research downgraded the shares of PRTA in report on Tuesday, April 24 to “Neutral” rating. The firm earned “Buy” rating on Wednesday, December 20 by Cantor Fitzgerald. As per Tuesday, April 24, the company rating was maintained by Deutsche Bank. The firm has “Buy” rating given on Thursday, February 15 by Cantor Fitzgerald. The rating was maintained by Cantor Fitzgerald with “Buy” on Tuesday, March 20.

The stock decreased 4.12% or $0.63 during the last trading session, reaching $14.65. About 1.05M shares traded or 5.16% up from the average. Prothena Corporation plc (NASDAQ:PRTA) has declined 31.00% since May 22, 2017 and is downtrending. It has underperformed by 42.55% the S&P500.

Analysts await Prothena Corporation plc (NASDAQ:PRTA) to report earnings on August, 14. They expect $-1.11 EPS, down 141.30 % or $0.65 from last year’s $-0.46 per share. After $-1.26 actual EPS reported by Prothena Corporation plc for the previous quarter, Wall Street now forecasts -11.90 % EPS growth.

Prothena Corporation plc, a late-stage clinical biotechnology company, focuses on the discovery, development, and commercialization of novel immunotherapies for the treatment of diseases that involve protein misfolding or cell adhesion. The company has market cap of $583.40 million. It is developing antibody product candidates that include NEOD001, a monoclonal antibody that is in Phase III and Phase IIb clinical trials for the treatment of AL amyloidosis; PRX002 that has completed Phase Ib clinical trial for treating ParkinsonÂ’s disease and other related synucleinopathies; PRX003, a monoclonal antibody that is in Phase Ib for the treatment of psoriasis and other inflammatory diseases; and PRX004, a monoclonal antibody that is under preclinical development. It currently has negative earnings. The firm has a license, development, and commercialization agreement with F.

More notable recent Prothena Corporation plc (NASDAQ:PRTA) news were published by: Benzinga.com which released: “SMid-Cap Biotech: Barclays Downgrades Prothena, Upgrades Achillion” on May 21, 2018, also Globenewswire.com with their article: “Prothena to Report First Quarter 2018 Financial Results on May 8” published on May 01, 2018, Nasdaq.com published: “Prothena Reports First Quarter 2018 Financial Results and Provides R&D Update” on May 08, 2018. More interesting news about Prothena Corporation plc (NASDAQ:PRTA) were released by: Seekingalpha.com and their article: “Prothena: A Compelling Bounce Play To At Least $15 And Not Unrealistic Buyout Target” published on April 25, 2018 as well as Streetinsider.com‘s news article titled: “Pre-Open Stock Movers 05/21: (MBFI) (NBRV) (SHLD) Higher; (PRTA) (QD) (APPF) Lower (more…)” with publication date: May 21, 2018.

Prothena Corporation plc (NASDAQ:PRTA) Ratings Chart

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