Prothena Corp (PRTA) PT Raised to $20 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein raised the price target on Prothena Corp (NASDAQ: PRTA) to $20.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "Coramitug’s outcomes-driven design in ATTR-CM and prasinezumab’s de risked Phase 3 in Parkinson’s both materially raise PoS, in our opinion. With Novo and Roche carrying development costs and Prothena retaining milestones and royalties, the arrangement, in our opinion, offers asymmetric upside that is not reflected in today’s valuation. With yesterday’s disclosure of Coramitug’s Phase 3 design, Prothena’s two partnered late-stage programs have advanced meaningfully, in our opinion. With Novo disclosing the pivotal Phase 3 CLEOPATRA trial for coramitug in ATTR cardiomyopathy, enrolling nearly 1,280 patients across NYHA I–IV with a primary endpoint of cardiovascular death and recurrent CV events over up to four years signifies a design that captures both mortality and morbidity rather than just first events, differentiating the asset from the landscape, in our opinion. In parallel, Roche has confirmed plans to initiate a Phase 3 trial of prasinezumab in early Parkinson’s disease by year-end 2025. Given the recent Phase 3 design updates, we reassessed our PoS assumptions for both the programs, which increased our PT to $20 from $14. Reiterate Buy rating."

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