Oppenheimer Downgrades Prothena Corporation (NASDAQ:PRTA) to Perform from Outperform

Oppenheimer downgraded Prothena Corporation plc (NASDAQ:PRTA) to Perform from Outperform on May 27 without a price target.

This rating update came after Prothena Corporation’s (NASDAQ:PRTA) May 23 announcement that its Phase 3 AFFIRM-AL trial for birtamimab in amyloid light chain amyloidosis failed to meet the primary endpoint of all-cause mortality.

A doctor examining the results of a patient’s medical scan displayed on a computer monitor.

The analyst told investors in a research note that with a hazard ratio of 0.915, there was essentially an overlap between the survival curve for birtamimab and the control arm.

Failing to meet primary and secondary endpoints, Prothena Corporation (NASDAQ:PRTA) is discontinuing the trial. Despite these negative results, Oppenheimer remains optimistic about the company’s prospects, primarily due to its various partnered and internal programs. However, the firm did comment that the AFFIRM-AL catalyst was the key driver of its bullish thesis.

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.