Prothena Corp (PRTA) PT Raised to $36 as Piper Sandler Remains Bullish

Piper Sandler analyst Yasmeen Rahimi raised the price target on Prothena Corp (NASDAQ: PRTA) to $36.00 (from $15.00) while maintaining an Overweight rating.

The analyst commented: "PRTA's Value Creation Should Not be Out of Sight and Out of Mind; We updated our PRTA model, increasing our PT to $36 (from $15) as we recognize the value of its partnered pipeline with lucrative potential across net sales royalties and milestone payments. Specifically, our PT is derived from a risk-adjusted net present value (rNPV) analysis based on: 1) $14/sh driven by US+EU5 royalties for prasinezumab in PD; 2) $8/sh driven by US+EU5 royalties for BMS-986446 in AD; 3) $7/sh for coramitug milestones in ATTR-CM; and 4) $7/sh from cash, where we summarize the key upcoming catalysts and partnership structure for each program in our note below. Putting this all together, we remain bullish on PRTA and believe that there is substantial upside opportunity heading into a catalyst-rich next ~12-months+."

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