Prothena Corp Receives a Buy from Oppenheimer

By Carrie Williams

Oppenheimer analyst Michelle Gilson assigned a Buy rating to Prothena Corp (NASDAQ: PRTA) yesterday and set a price target of $77. The company’s shares closed yesterday at $56.10.

According to TipRanks.com, Gilson is a 4-star analyst with an average return of 20.6% and a 56.5% success rate. Gilson covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Catabasis Pharmaceuticals, and Pieris Pharmaceuticals.

Currently, the analyst consensus on Prothena Corp is Strong Buy and the average price target is $70.67, representing a 26.0% upside.

In a report issued on November 3, Deutsche Bank also initiated coverage with a Buy rating on the stock with a $73 price target.

The company has a one year high of $76.42 and a one year low of $28.20. Currently, Prothena Corp has an average volume of 360K.

Based on the recent corporate insider activity of 28 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 PRTA in relation to earlier this year. Earlier this month, Lars Ekman, a Director at PRTA sold 30,000 shares for a total of $2,200,349.

Prothena Corp. Plc is a clinical stage biotechnology company, which focuses on the discovery, development and commercialization of novel antibodies for the potential treatment of diseases that involve protein misfolding or cell adhesion. It also focuses on therapeutic monoclonal antibodies directed specifically to disease causing proteins. The company’s antibody-based product candidates target a number of potential indications including AL and AA forms of amyloidosis, Parkinson’s disease and other related synucleinopathies and novel cell adhesion targets involved in inflammatory diseases and cancers. Prothena was founded on December 20, 2012 and is headquartered in Dun Laoghaire, Ireland.