UPDATE: RBC Capital Upgrades Prothena Corp (PRTA) to Outperform

RBC Capital analyst Kennen MacKay upgraded Prothena Corp (NASDAQ: PRTA) from Sector Perform to Outperform with a price target of $28.00 (from $14.00).

The analyst comments "We update our PRTA model for recently reported Q4 results and inclusion of Birtamimab's (NEOD001) AL Amyloidosis opportunity into our valuation/modeling. While Birtamimab's prior clinical disappointments in AL Amyloidosis suggest considerable risk to development, we do see learnable lessons potentially opening a path forward in a subset of high-risk patients. We increase our PT to $28/sh on inclusion of risk adjusted Birtamimab sales assumptions into our modeling & upgrade our rating to Outperform (from SP) given we think this high-risk, high-reward opportunity will command a longer-term return of investor interest."

For an analyst ratings summary and ratings history on Prothena Corp click here. For more ratings news on Prothena Corp click here.

Shares of Prothena Corp closed at $22.60 yesterday.

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