Prothena (NASDAQ:PRTA) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Prothena Corporation plc (NASDAQ:PRTA) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $9.83 and traded as high as $10.26. Prothena shares last traded at $9.94, with a volume of 470,286 shares trading hands.

Analyst Ratings Changes

A number of brokerages have commented on PRTA. Citigroup restated a “market outperform” rating on shares of Prothena in a research note on Monday, December 1st. Citizens Jmp boosted their price target on Prothena from $11.00 to $19.00 and gave the company a “market outperform” rating in a research note on Monday, December 1st. Chardan Capital upgraded Prothena to a “strong-buy” rating in a research note on Wednesday, November 19th. HC Wainwright lifted their price objective on Prothena from $20.00 to $30.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Wall Street Zen raised shares of Prothena from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $25.60.

Prothena Stock Down 0.6%

The company has a market cap of $535.07 million, a P/E ratio of -1.90, a PEG ratio of 2.11 and a beta of -0.09. The firm has a fifty day moving average price of $9.83 and a 200 day moving average price of $9.12.

Prothena (NASDAQ:PRTA) last issued its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.07). Prothena had a negative return on equity of 65.89% and a negative net margin of 2,379.59%.The company had revenue of $2.42 million for the quarter, compared to analyst estimates of $6.64 million. On average, sell-side analysts anticipate that Prothena Corporation plc will post -4.04 earnings per share for the current year.

Institutional Trading of Prothena

Hedge funds have recently modified their holdings of the stock. Armistice Capital LLC raised its position in Prothena by 1.8% in the 2nd quarter. Armistice Capital LLC now owns 2,236,000 shares of the biotechnology company’s stock worth $13,573,000 after purchasing an additional 40,000 shares during the last quarter. Rubric Capital Management LP acquired a new stake in shares of Prothena in the 3rd quarter valued at $15,034,000. Palo Alto Investors LP raised 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 worth $12,923,000 after acquiring an additional 49,275 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Prothena by 116.2% during the second quarter. Federated Hermes Inc. now owns 1,181,087 shares of the biotechnology company’s stock worth $7,169,000 after acquiring an additional 634,832 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Prothena during the second quarter valued at $6,176,000. 97.08% of the stock is owned by institutional investors.

Prothena Company Profile

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.