On May 27, Piper Sandler lowered the firm’s price target on Prothena Corporation plc (NASDAQ:PRTA) to $81 from $110 while keeping an Overweight rating on the shares.
The price target decrease followed the company’s May 23 announcement stating that its Phase 3 AFFIRM-AL clinical trial for Birtamimab in AL Amyloidosis patients failed to meet the primary endpoint, resulting in the trial’s discontinuation.
A clinical researcher in a lab examining a new biopharmaceutical product.
The announcement disappointed Piper Sandler, as it was initially bullish on the trial’s potential. The firm removed birtamimab in AL amyloidosis from its model, as Prothena Corporation plc (NASDAQ:PRTA) will no longer pursue this asset after the Phase 3 AFFIRM-AL trial missed statistical significance on its primary and secondary endpoints.
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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