Chardan Lowers Prothena (PRTA) Price Target Following AFFIRM-AL Trial Failure

Chardan slashed the firm’s price target on Prothena Corporation plc (NASDAQ:PRTA) on May 27, lowering it to $18 from $40 while maintaining a Buy rating on the shares.

Although the firm is bullish on Prothena Corporation plc (NASDAQ:PRTA), it reduced its price target after the company announced the discontinuation of its Phase 3 AFFIRM-AL clinical trial for Birtamimab in patients with AL amyloidosis, as it failed to meet the primary endpoint or key secondary endpoints.

A scientist in the lab, researching the development of biopharmaceutical monoclonal antibody drugs.

The analyst told investors in a research note that although investors had very low expectations for the readout, the stock “will probably continue to be under pressure.” The firm, however, remains “patient” for Prothena Corporation plc (NASDAQ:PRTA) to release data for PRX012, its anti-Abeta immunotherapy, in August.

Prothena Corporation (NASDAQ:PRTA) is a clinical-stage neuroscience company that discovers and develops novel therapies for serious diseases. Its clinical pipeline includes both partnered and wholly owned therapies for AL amyloidosis, Alzheimer’s disease, ATTR amyloidosis, Parkinson’s disease, and other neurodegenerative diseases.

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