UPDATE: BofA Securities Upgrades Prothena Corp (PRTA) to Neutral
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BofA Securities upgraded Prothena Corp (NASDAQ: PRTA) from Underperform to Neutral with a price target of $49.00.
The analyst comments "Competitor AB program Aduhelm (aducanumab) by BIIB (covered by Geoff Meacham) was recently approved for AD on its June 7th PDUFA date. Recall PRTA’s early stage asset, PRX012, is an AB antibody similar to adu’ however ‘012 has shown up to 10x higher potency vs adu’ in preclinical studies potentially making SC administration possible (adu’ is administered via IV infusion). We revisit our valuation for PRTA given similar MoA and ‘012 has shown a superior profile in preclinical studies. While we normally do not model stand-alone value for preclinical assets, we recognize that adu’s accelerated approval based on amyloid reduction bodes positively for ‘012."
Shares of Prothena Corp closed at $48.72 yesterday.
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