H.C. Wainwright Maintains Buy Rating on Prothena Corporation (NASDAQ:PRTA), Cuts PT

On May 27, analyst Andrew Fein from H.C. Wainwright reiterated a Buy rating on Prothena Corporation plc (NASDAQ:PRTA) but decreased the stock’s price target to $14 from $30.

The price target decrease followed the company’s announcement on May 23 that its Phase 3 AFFIRM-AL clinical trial for Birtamimab in AL Amyloidosis patients had failed to meet the primary endpoint. The results led Prothena Corporation plc (NASDAQ:PRTA) to discontinue its AFFIRM-AL trial, allowing it to concentrate its resources on its anti-Abeta immunotherapy, PRX012.

A scientist in a white lab coat working at a bench with biopharmaceutical equipment.

The analyst supported the Buy rating with the company’s strategic focus and promising developments in its Alzheimer’s Disease pipeline. Initial data from PRX012 reported favorable amyloid reduction with a consistent ARIA profile, supporting its effectiveness even at mild doses. According to the analyst, this development can lead to strategic acquisitions or partnerships.

The analyst further reasoned that Prothena Corporation (NASDAQ:PRTA) plans to explore increased doses of PRX012 in a monthly regimen, indicating confidence in its potential as a competitive Alzheimer’s Disease treatment.

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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Disclosure: None.