Prothena Corp (PRTA) PT Lowered to $78 at Citizens JMP

Citizens JMP analyst Jason Butler lowered the price target on Prothena Corp (NASDAQ: PRTA) to $78.00 (from $80.00) while maintaining a Market Outperform rating.

The analyst commented, “Upcoming clinical catalysts remain top of mind, with Phase 3 birtamimab data imminent; we reiterate our Market Outperform rating while lowering our risk-adjusted, DCF-derived price target to $78 from $80 to account for an increased fully diluted share count. Prothena reported 1Q25 financial results and provided a business update, reiterating timelines for key clinical readouts in 2025. Phase 3 results for birtamimab in AL amyloidosis are on track to read out this quarter and results for PRX012 in Alzheimer’s disease are anticipated around mid-year. We believe the stock, now trading slightly below cash, is compelling ahead of these readouts. The company ended 1Q25 with ~$420MM in cash and reiterated guidance for YE 2025 cash of ~$300MM.”

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