KOL Due Diligence Drives Prothena Corp (PRTA) PT to $103 at Cantor Fitzgerald

Cantor Fitzgerald analyst Charles Duncan raised the price target on Prothena Corp (NASDAQ: PRTA) to $103.00 (from $70.00) after conducting grass roots due diligence with KOLs that increased his conviction in Prothena’s wholly-owned early-stage anti-Aβ monoclonal antibody (mAb), PRX012 (‘012) for Alzheimer’s disease (Alz Dis).

The analyst reiterated an Overweight rating, stating "our KOLs noted two factors which, in our view, bode well for ‘012 development and differentiation. First is the regulatory paradigm now a few months post the aducanumab approval. Though there was wide-spread public backlash at first, it seems to have subsided and regulators appear to acknowledge the importance of the approval in spurring additional investment and innovation in the space. Second is the effect a subcutaneous (SC) formulation could have on easing and optimizing the treatment paradigm, which we believe may be enabled by ‘012’ soon to emerge pharmacological profile (we expect data in 2022 from preclinical studies). Though not yet in the clinic, based on the KOLs’ statements as well as our other diligence, we believe ‘012 will be in a strong position to become a leader in the next generation of anti-Aβ Alzheimer’s treatments."

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