- RBC Capital Markets writes that Prothena Corporation plc (NASDAQ:PRTA) believes that the recent stock downside provides an entry point and that progress with the programs and improved sentiment in the space could drive appreciation.
- Over the past month, the stock has lost 27%, and over the last six months, the stock price has dropped almost 50%.
- RBC lowered the price target from $82 to $45 following coverage transfer, maintaining Outperform, Speculative Risk rating.
- RBC sees a high risk but a considerable potential opportunity for birtamimab if successful in AL amyloidosis.
- Related: Prothena Highlights New Preclinical Data For Alzheimer's, Parkinson's Vaccine Programs
- Birtamimab is an amyloid-clearing monoclonal antibody recently moved into phase 3 for Stage IV AL amyloidosis patients. A post-hoc analysis of the prior study showed a strong survival advantage in advanced pts.
- "While data are not expected before 2024, given that it is PRTA's most advanced wholly-owned candidate, we believe it will remain an important potential value contributor," RBC writes.
- Price Action: PRTA shares are up 3.33% at $30.13 during the market session on the last check Monday.
