Deutsche Bank Starts Prothena Corp (PRTA) at Buy
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Deutsche Bank initiated coverage on Prothena Corp (NASDAQ: PRTA) with a Buy rating and a price target of $73. Analyst Andrew Peters sees Prothena as a "compelling story."
"We view PRTA as a fundamentally strong story with a well-spaced catalyst path across three clinical stage programs. Indeed, lead program NEOD001 is currently enrolling two late-stage pivotal trials in AL Amyloidosis and we believe is poised to become the standard of care in an underserved and large market. Beyond the lead program however, we also point to promising early data, strong mechanistic rationale, and favorable economics for the Rochepartnered PRX002 in Parkinson's Disease. Despite our bullish view, our PT also reflects a conservative outlook on clinical risk and suggests meaningful upside on key catalysts," said Peters.
Shares of Prothena Corp closed at $45.13 yesterday.
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