Proteon Received its Third Buy in a Row

By Jason Carr

After Cowen & Co. and Raymond James assigned a Buy rating to Proteon in the last month, the company received another Buy, this time from H.C. Wainwright. Analyst Swayampakula Ramakanth reiterated a Buy rating on Proteon (NASDAQ: PRTO) today. The company’s shares opened today at $8.58.

According to TipRanks.com, Ramakanth is ranked 0 out of 5 stars with an average return of -21.6% and a 23.7% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as X T L Biopharmaceuticals Ltd (ADR), Spectrum Pharmaceuticals, and IntelGenx Technologies.

Currently, the analyst consensus on Proteon is Strong Buy and the average price target is $20, representing a 133.2% upside.

In a report issued on October 26, Raymond James also upgraded the stock to Buy.

The company has a one year high of $16.48 and a one year low of $4.90. Currently, Proteon has an average volume of 21.11K.

Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRTO in relation to earlier this year. Most recently, in June 2016, George Arthur Eldridge, the Sr VP, CFO, Treasurer, Sec. of PRTO bought 4,000 shares for a total of $23,107.

Proteon Therapeutics, Inc. is a biopharmaceutical company, which focuses on development of pharmaceuticals to address the needs of patients with kidney and vascular disease. It offers PRT-201, a recombinant human elastase that fragments elastin fibers in blood vessel walls. The company was founded by F. Nicholas Franano and William P. Whitaker in 2001 and is headquartered in Waltham, MA.