Key Points
- Major shareholder William Scully bought 50,000 Prothena shares on June 4 at an average price of $9.31, spending $465,500 and boosting his stake by 5.64% to 936,000 shares.
- Prothena shares fell 5% and opened at $8.79, with the biotech company carrying a market cap of about $460 million and a 52-week range of $4.95 to $11.80.
- The company recently beat quarterly expectations, reporting $0.60 EPS versus a forecast loss and revenue of $51.08 million; analysts currently rate the stock Moderate Buy with an average target price of $23.75.
Prothena Corporation plc (NASDAQ:PRTA - Get Free Report) major shareholder William Scully acquired 50,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $9.31 per share, with a total value of $465,500.00. Following the completion of the purchase, the insider owned 936,000 shares of the company's stock, valued at approximately $8,714,160. The trade was a 5.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Prothena Stock Down 5.0%
Shares of Prothena stock opened at $8.79 on Friday. The company has a market cap of $460.16 million, a PE ratio of -3.12, a price-to-earnings-growth ratio of 1.48 and a beta of -0.25. Prothena Corporation plc has a 52 week low of $4.95 and a 52 week high of $11.80. The business has a 50 day moving average price of $10.12 and a 200-day moving average price of $9.71.
Prothena (NASDAQ:PRTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $0.60 EPS for the quarter, topping the consensus estimate of ($0.31) by $0.91. The firm had revenue of $51.08 million during the quarter, compared to the consensus estimate of $0.81 million. Prothena had a negative return on equity of 43.44% and a negative net margin of 260.92%. As a group, research analysts anticipate that Prothena Corporation plc will post 0.18 EPS for the current year.
Wall Street Analyst Weigh In
Several brokerages have recently commented on PRTA. Royal Bank Of Canada increased their price objective on Prothena from $11.00 to $12.00 and gave the stock a "sector perform" rating in a research note on Friday, February 20th. Stifel Nicolaus set a $19.00 price objective on Prothena in a research note on Friday, March 13th. Citigroup reissued an "outperform" rating on shares of Prothena in a research note on Friday, May 8th. Citizens Jmp increased their price objective on Prothena from $19.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised Prothena from a "hold" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.75.
Read Our Latest Report on PRTA
Institutional Trading of Prothena
A number of institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP increased its position in shares of Prothena by 36.0% during the first quarter. Rubric Capital Management LP now owns 5,000,000 shares of the biotechnology company's stock valued at $48,600,000 after acquiring an additional 1,322,669 shares during the last quarter. State Street Corp increased its position in shares of Prothena by 151.7% during the fourth quarter. State Street Corp now owns 2,267,802 shares of the biotechnology company's stock valued at $21,658,000 after acquiring an additional 1,366,764 shares during the last quarter. ADAR1 Capital Management LLC increased its position in shares of Prothena by 8.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,581,443 shares of the biotechnology company's stock valued at $15,372,000 after acquiring an additional 123,679 shares during the last quarter. Palo Alto Investors LP increased its position in shares of Prothena by 3.9% during the third quarter. Palo Alto Investors LP now owns 1,324,028 shares of the biotechnology company's stock valued at $12,923,000 after acquiring an additional 49,275 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Prothena by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 1,063,069 shares of the biotechnology company's stock valued at $10,154,000 after acquiring an additional 43,586 shares during the last quarter. 97.08% of the stock is owned by hedge funds and other institutional investors.
Prothena Company Profile
(
Get Free Report)
Prothena Corporation plc is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for neurodegenerative and rare diseases driven by misfolded proteins. The company’s research focuses on immunotherapies and small molecules designed to target and clear disease-causing protein aggregates. Prothena leverages proprietary protein engineering and antibody discovery platforms to advance candidates through preclinical and clinical stages.
The company’s most advanced program is an antibody targeting aggregated alpha-synuclein for the potential treatment of Parkinson’s disease, currently in mid-stage clinical trials.
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